Currency Redesign Plan Sparks Rush to Buy Dollars in Nigeria

Currency Redesign Plan Sparks Rush to Buy Dollars in Nigeria - nigerian newspapers on the internet

The naira expanded its downfall against the dollar on the generally involved unlawful market as Nigerians raced to purchase greenbacks seven days after the national bank said it would update higher-esteem notes.

Money brokers in the unapproved equal market offered naira at rates between 830 to 850 for every dollar on Wednesday in Lagos, said Umar Salisu, a department de change administrator who tracks the information in the country’s business capital. The record low level further augments the spread from the authority conversion scale, which likewise debilitated to an extraordinary 443.11 to the dollar as of 1.44 p.m. in Lagos, to the biggest at any point hole of over 88%.

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