As a result, the Naira in 2022, went as high as N900/$1, almost hitting N1000/$1. Since then, the Naira has been on a slow pace to recovery, under the initiatives of the financial bodies that govern the country’s monetary policies.
Nigeria’s currency against the dollar has performed very poorly over the years, owing to numerous factors that had gone unaddressed during said period.
The redesign, as noted, was intended to put an end to hoarding of the old notes, alongside other strategies to combat the obstacles causing the Naira to deflate.
