Dollar To Naira Exchange Rate Hits N611 At Parallel Market
On the parallel market, also known as the black market, the Nigerian currency (naira) is currently trading at N611 per dollar.
The official rate of the naira at the Investors and Exporters window is 419.02. Ejes Gist Newspaper reports.
However, for the first time in the country’s history, the Nigerian currency has Crashed to 611 on the parallel market.
A dollar was sold at N611 on Sunday morning, according to data obtained from BDC Operators.
Meanwhile, the Central Bank of Nigeria (CBN) has denied that lower-denomination naira notes will be phased out of circulation.
In a phone conversation with TheCable on Saturday, Osita Nwanisobi, CBN’s director of corporate communication, stated this.
“The CBN is not phasing out anything,” Nwanisobi said.
While urging market men and women to sign up for the e-Naira, CBN Delta State Branch Controller Godwin Okafor urged traders to learn about the central bank’s e-Naira policy.
“We are here today at the market to sensitize the market people on the use of e-Naira,” he said. Unlike Bitcoin, which has no legal backing, it is fully backed by the CBN.”
Dr. Aminu Bizi, a CBN e-Naira consultant, said Delta was chosen as the second state after Lagos to sensitize market women on the currency.
“We’re here to educate market men and women about the use of e-Naira from shop to shop.” We will meet with the Okada/tricycle union on this policy because the CBN has gone behind ATMs and POS.
“Paper currency will soon be out of circulation because the CBN spent money to print money, and people abuse the currency in the market, spraying at special events, paying for Okadas/tricycles, and other things, and the CBN is losing,” she said.
That is all the latest news in Nigeria today on Dollar To Naira Crashes Massively at the I&E window as USD supply slides