Naira Appreciates In Black Market On First Trading Day In February

The naira rose 0.8% in Black Market trading on February 1, 2023 as it exchanged for 745 to the US dollar on the first trading day of the month.

GWG.ng reports that the moderate appreciation came against the previous day’s trading in the black market when the dollar traded for an average of 751 naira.

Meanwhile, The Central Bank of Nigeria (CBN), Bauchi State, says it allocates N30 million new naira notes daily to each branch of banks in the state to increase access of customers to the new notes.

Mr Abdulkadir Jibrin, an official of the apex bank, said this while monitoring banks in Bauchi on Monday to ensure access to new naira notes for residents of the state.

He said the aim of the exercise was to ensure availability of the new naira notes in the banks and also for easy exchange of old notes for the newly redesigned notes for the residents.

“Only N10,000 and below could be exchanged per person and if the amount is more than that one should open a bank wallet.

“Daily each branch across the state receives N30 million to ensure their Automated Teller Machines (ATMs) are stocked with cash for individuals to withdraw,” he said.

Meanwhile, GWG.ng reports that the appreciation of the naira to the dollar in the Black Market on February 1, 2023 is giving fillip to suggestions that the naira redesign policy may indeed help to curtail the depreciation of the value of the naira.

Send Us A Press Statement Advertise With Us Contact Us

 And For More Nigerian News Visit GWG.NG