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.