The naira is on a free fall following the decision by the Central Bank of Nigeria (CBN) to redesign the N200, N500 and N1000 notes.
Rush to exchange stashed naira notes for dollars has further worsened the fate of the domestic currency.
On Wednesday, November 2, 2022, the unofficial parallel market operators sold N900 to a dollar and N950 to a pound.
Operators at the Allen Avenue and Ogba axis said there is a glut of the local currency at the market as Nigerians move to dispose of their naira in exchange for hard currencies to circumvent the CBN deadline of January 31, 2023, for the cessation of the circulation of notes.
The spike in the pursuit of dollars is largely caused by panic among Nigerians who do not want to be caught off guard by the apex bank’s deadline.
The certainty that the CBN is redesigning the naira notes drives a frantic chase of the dollar and other foreign currencies.