Naira value worsens, exchanges for N815/$ at parallel market

The strength of Nigeria’s naira has worsened against dollar as it exchanged for about N815 per dollar on Monday.

Recall NewsWireNGR had earlier reported that the Naira on Saturday traded at N800 against the dollar according to some exchange platforms.

Bureaux De Change (BDC) operators in the Wuse area of Abuja, who spoke to TheCable, on Monday said the naira was falling rapidly against the greenback amid increased demand by Nigerians.

This development comes a few days after the Central Bank of Nigeria (CBN) announced that it has redesigned some naira notes and will start circulating them by December 2022.

The apex bank had explained that it took the decision to reduce excess cash in circulation and check counterfeiting.

The governor of the central bank, Godwin Emefiele stated that the move, which has since been approved Mr Buhari and other stakeholders, may boost the value of the Naira.