Naira note news
Here are some recent news updates about the Nigerian Naira:
Naira Weakens Against Dollar
The Nigerian Naira has continued to weaken against the US Dollar, trading at around N415 to the dollar on the parallel market, according to reports. This is due to a shortage of foreign exchange in the country, which has led to a surge in demand for the dollar.
CBN Introduces New Naira Notes
The Central Bank of Nigeria (CBN) has introduced new Naira notes, including the N50, N100, N200, N500, and N1,000 denominations. The new notes are designed to be more secure and difficult to counterfeit.
Naira Redesign: CBN to Phase Out Old Notes
The CBN has announced plans to phase out the old Naira notes, including the N50, N100, N200, N500, and N1,000 denominations. The new notes will be introduced gradually, with the aim of reducing counterfeiting and improving the overall efficiency of the financial system.
Naira Falls to Record Low Against Dollar
The Naira has fallen to a record low against the dollar, trading at around N420 to the dollar on the parallel market. This is due to a combination of factors, including a decline in oil prices, a shortage of foreign exchange, and a rise in demand for the dollar.
Nigeria's Inflation Rate Rises to 17.6%
Nigeria's inflation rate has risen to 17.6%, according to the National Bureau of Statistics (NBS). This is due to a combination of factors, including a rise in food prices, a shortage of foreign exchange, and a decline in the value of the Naira.
Naira to Dollar Exchange Rate: CBN Intervenes
The CBN has intervened in the foreign exchange market to stabilize the Naira against the dollar. The bank has sold dollars to commercial banks, which are then sold to customers at a fixed rate.
Naira to Dollar Exchange Rate: Parallel Market Rate Rises
The parallel market rate for the Naira against the dollar has risen to around N420 to the dollar, according to reports. This is due to a shortage of foreign exchange in the country, which has led to a surge in demand for the dollar.