Nigeria’s currency tumbled to a new low of N1005 against the British pound sterling on the parallel exchange platform Aboki Forex on Saturday.
It was gathered that the naira traded at N1005 against the British Pounds Sterling and N890 to a dollar. The rapid depreciation of the country’s currency follows the Central Bank of Nigeria’s finalised plans to redesign the national currency.
Godwin Emefiele, the governor of the central bank, declared in October that new naira notes would be released by December 15. The action, which has subsequently been approved by President Muhammadu Buhari and other stakeholders, was predicted by Mr. Emefiele to increase the value of the naira.
However, the value of the currency continued to plummet significantly after the announcement of the completed plans to redesign the nation’s currency. The apex bank advised that Nigerians have six weeks to return all old naira notes to the bank’s vaults, but politicians have continued to seek BDC operators to convert their soon-to-expire stored naira to foreign currencies.