Business & Economy

Naira depreciates against dollar amid CBN’s move to change banknotes

By Uchechi Ojo October 28, 2022263 views

The Naira on Thursday exchanged at 444.50 to the dollar at the Investors and Exporters window, a depreciation of 0.64 per cent, compared with N441.67 to the dollar it exchanged on Wednesday.

This is as the Central Bank governor announced the decision to introduce redesigned naira notes into the market while calling for the total withdrawal of existing notes by January 31, 2023.

READ MORE: ICYMI: CBN to redesign N200, N500 and N1,000 notes

The open indicative rate closed at N441.25 to the dollar on Thursday.

An exchange rate of N450.06 to the dollar was the highest rate recorded within the day’s trading before it settled at N444.50.

The naira sold for as low as 425 to the dollar within the day’s trading.

A total of 100.9 million dollars was traded at the official Investors and Exporters window on Thursday.

Uchechi Ojo

Uchechi Ojo, is a Lagos-born and based writer, newscaster and voice-over artist. A versatile and committed journalist with the yearning to make a difference in the industry. She writes balanced, informative and interesting stories. Uchechi has the ability to interact and listen with rapt attention, excellent time management and great communication skills while paying attention to detail. She is very approachable and a good team player. Instagram | LinkedIn