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HomeNewsAfricaNaira tumbles to N770/$1 on black market as Emefiele redesigns currency

Naira tumbles to N770/$1 on black market as Emefiele redesigns currency

Before the announcement, the dollar was trading at N760. However, by the evening on 26 October, it had hit N765 and has now reached an all-time high of N770. The exchange rate has, however, remained stable at N437/USD1 on the official market, which most Nigerians lack access to.

At a briefing, CBN governor Godwin Emefiele, expressed concerns over large amounts of money outside the banking system, which is estimated at 80% of the total money in circulation.

Emefiele said as of September 2022, N2.73tr of the N3.23tr in circulation was outside the vaults of commercial banks.

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