Naira’s Value Falls Against US Dollar at Official, Unofficial Forex Markets After Buhari’s Broadcast

• The value of the naira crashed against the US dollar across foreign exchange markets in Nigeria
• It exchanged for N760 per dollar at the black market as more Nigerians rush to swap their old notes for dollar
• President Buhari announced that the old 1,000 and 500 naira notes are no longer lender tender and urged Nigerians to return them to the CBN

The naira has continued to lose value against the dollar after it showed some signs of strength in recent days.

On Thursday, February 16, the value of Nigeria's currency fell across all foreign exchange markets as President Muhammdu Buhari insisted that the N500 and N1,000 banknotes were no longer legal tender.

The Investors and Exporters (I&E) is the official market that handles import and export transactions, while the black market and Peer-to-Peer (P2P) are the unofficial segments.

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Naira's performance against US dollar at official market

Data from FMDQ securities showed that the value of the Naira depreciated by 50 Kobo or 0.11% to close at N462.00/$1 compared with the previous day’s N461.50/$1.

This came as daily turnover stood at $69.72 million, in contrast to the preceding session’s $89.54 million, representing a decline of 22.1% or $19.82 million.

Unofficial market exchange rate

Similarly, the Nigerian currency fell by N2 against the US dollar to settle at N770/$1 in the P2P market, down from N768/$1 the previous day.

Also, the Naira fell by N3 against the US dollar on the parallel market yesterday, settling at N760/$1 vs N757/$1 on Wednesday.

Naira against other currencies

Despite the depreciation against US dollar, the Naira appreciated against the British pound and Euro.

Data from the Central Bank of Nigeria, Interbank market shows that Naira against the Pound Sterling increased in value by 15 Kobo to trade at N555.83/£1 versus N551.98/£1.

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While against the Euro, it gained 34 Kobo to sell at N493.68/€1 versus N494.02/€1.

CBN opens portal for deposit of old naira notes

In a similar report, the Central Bank of Nigeria has launched a website for Nigerians to apply to deposit old naira notes.

The portal is to help Nigerians who still have the old N500 and N1000 notes not to lose their money.

The federal government and CBN have insisted that commercial banks will no longer collect the now-outdated notes.

Source: Legit.ng