Naira black market – The Naira to Dollar exchange rate improved to N745 on Friday, 9th December 2022 at the nation’s black market, up from the N750 it exchanged on Thursday. This represents an improvement of 0.67%
At the official forex section, the Investors and Exporters forex window, the Naira depreciated slightly against the U.S. Dollar to N446 on Thursday from N445.83 recorded in the previous day.
Currency traders in that section of forex transacted $213.2 million on Thursday, the highest turnover in almost a month.
Accordingly, at the Central Bank of Nigeria (CBN) interbank forex section, Dollar was sold to financial institutions at N445.47 since Wednesday while Pounds Sterling and Euro common currency were exchanged at 541.157 and N467.4317, respectively.
The Nigerian Naira remained under pressure against its global counterparts as market uncertainty ahead of the 2023 general election and a series of policy changes continue to dictate the local currency value.
Meanwhile, the CBN has announced yet another policy change on cash withdrawal. Investors King reports that Nigerians can no longer withdraw more than N20,000 per day and N100,000 per week.
Responding to questions from the press during his visit to President Buhari in Daura, Katsina State, Mr Emefiele said the policy would not be reversed despite outcry but would be reviewed from time to time.
“I am aware that they (federal lawmakers) have asked for some briefings and we will brief them. But I think it’s important for me to say that the cashless policy started in 2012,” he said when asked about the House’s decision.
“But on almost three to four occasions we had to step down the policy because we felt that there is a need for us to prepare ourselves and deepen our payment system infrastructure in Nigeria.
“Between 2012 and now 2022, almost 10 years, we believe that a lot of electronic channels have been put in place that will aid people in conducting banking and financial service transactions in Nigeria,” he said.
