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Naira Depreciates Again, Trades At N1750/1$ In Parallel Market—-The Nigerian currency, Naira, on Friday depreciated to N1,750 per dollar in the parallel market from N1,745 per dollar on Thursday.

But the Naira appreciated to N1,652.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,652.62 per dollar from N1,658.67 per dollar on Thursday, indicating N6.05 appreciation for the naira.

The market recorded an intraday high of N1,703 per dollar and an intraday low of N1,640 per dollar
The volume of dollars traded (turnover) grew by 48.5 percent to $243.05 million from $163.66 million traded on Thursday.

Consequently, the margin between the parallel market and NAFEM rate widened to N97.38 per dollar from N86.33 per dollar on Thursday.

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Economy

Naira Appreciates Against Dollar Across Exchange Markets

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Naira

Naira Appreciates Against Dollar Across Exchange Markets—-The Naira witnessed a notable gain in value yesterday, marking a positive shift in Nigeria’s currency exchange rates.

In the parallel market, the Naira strengthened to N1,755 per dollar, an improvement from N1,770 per dollar recorded on Monday.

Similarly, the Nigerian Autonomous Foreign Exchange Market (NAFEM) reported a significant rise, with the exchange rate appreciating to N1,659.44 per dollar, compared to N1,675.62 per dollar earlier in the week.

According to data from FMDQ, the Naira gained N16.18 in the NAFEM market. This improvement was accompanied by a substantial increase in dollar trading activity, with the daily turnover soaring by 219.5% to $425.98 million, up from $108.79 million on Monday.

As a result of these developments, the gap between the parallel market rate and the NAFEM rate narrowed considerably to N95.56 per dollar, down from N117.38 per dollar on Monday. This convergence signals a positive trend in stabilizing exchange rates in Nigeria.

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Again, CBN Speaks On Deadline For Old ₦200, ₦500, And ₦1,000 Naira Notes

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Naira Notes

Again, CBN Speaks On Deadline For Old ₦200, ₦500, And ₦1,000 Naira Notes—-The Central Bank of Nigeria (CBN) has officially refuted rumours suggesting that old Naira notes will cease to be legal tender by December 31, 2024.

In a decisive statement issued by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the CBN declared these claims baseless and misleading, designed to disrupt the nation’s payment systems.

Amidst circulating rumours about the discontinuation of old denominations of ₦200, ₦500, and ₦1,000 banknotes, the CBN has clarified that there is no deadline set for phasing out these notes.

The announcement comes as a relief to many who had been concerned about the potential invalidity of their cash holdings.

“The order of the Supreme Court on November 29, 2023, which extends the use of old banknotes indefinitely, remains in force,” the CBN’s statement emphasized.

This directive ensures that both old and redesigned versions of the Naira will continue to coexist as legal tender across Nigeria.

Mrs. Ali also instructed all CBN branches to keep issuing and accepting both the old and the newly designed Naira notes, reassuring the public of the banknotes’ validity.

She encouraged Nigerians to dismiss any rumours about deadlines for old notes and to remain informed through official CBN communications.

CBN’s stand comes after the House of Representatives asked the apex bank to withdraw old currency notes and increase the issuance of new naira notes.

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