- The naira fell to a record low of N780 on Friday and Saturday after the CBN unveiled plans to redesign the banknotes
- On the official market, the naira exchanged for N442.62 to the dollar before marginally regaining its strength
- The fall of the naira came as CBN announced its plans to redesign some denominations
The Nigerian currency plummeted to a record low against the dollar on Friday, October 28, 2022, two days after the Central Bank of Nigeria announced plans to redesign naira notes.
Bloomberg reports that the naira fell on the official market to a record N442.62 to the dollar before it regained some ground. In the parallel market, also known as the black market, the naira exchanged N780 to the dollar from N787.9 to the crypto USDT as of 3:41 p.m local time.
