Naira Redesign: Dollar Scarcity Hits BDCs, Sells At N818/$

The naira fell to N818/$1 at the parallel market on Monday in Abuja and N815 in Lagos as it continued to lose its value. 

Checks by Frontline News Online show that the naira is currently under pressure in the black market following CBN’s announcement that the newly redesigned naira notes would start circulating in the economy from December 15, 2022.

Following CBN’s announcement last week, the naira has fallen from its initial record low of N765/$1, losing over N53 in five days, further piling pressure on the local currency.

 Operators who spoke to Daily Trust said they’ve seen an unusual demand and mop-up in the past few days.

 One of the operators who identified himself as Ismailia Yusuf said the US dollar was very scarce. He also said the EFCC had visited the BDCs to scavenge for those offloading naira for dollars. 

He couldn’t confirm if arrests were made but he did say operators were careful of exchanging huge amounts of naira for dollars. 

It was not immediately clear if the scarcity is also a result of operators hoarding the dollars to create more scarcity and make more profit. 

Another operator, quoted by the paper, Nura, said before the announcement by the CBN, they could do an exchange for up to $500,000 and sometimes $1m exchange but it’s no longer possible.

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