• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Currencies

Naira crashes to N775/$ days after CBN announced new naira notes

The depreciation of the local currency at the black market was attributed to a spike in demand prompted by CBN’s redesign of the naira

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
October 28, 2022
in Currencies, Spotlight
Godwin Emefiele, DSS, CBN

Image Credit: The Guardian Nigeria

Share on FacebookShare on TwitterShare on Linkedin

 The naira suffered a historic plunge to N775/$ two days after the Central Bank of Nigeria (CBN) announced it was redesigning the 200, 500, and 1,000 naira notes.  

On Friday morning, October 28, 2022, the exchange rate between the naira and the US dollar plunged sharply, trading at a minimum of N775/$1 on the black market, down from N760/$1 on Wednesday when CBN made the announcement.

This is according to information from black market operators interviewed by Nairametrics. 

RelatedStories

Naira , dollar, exchange rate

Exchange rate disparity returns as Naira appreciates to N1,545/$ officially, depreciates to N1,605/$ on parallel market 

June 21, 2025
Ugodre Obi-Chukwu named EY Entrepreneur (emerging category) of the year 2023

Banking sector sell-offs present buying opportunity — Nairametrics CEO, Ugodre Obi-Chukwu 

June 19, 2025

The depreciation of the local currency at the black market was attributed to a spike in dollar demands prompted by CBN’s plan to redesign the naira.  

Nairametrics anticipated that the policy move by the apex bank would force some people to convert their naira into dollars. 

 What the Black market operators are saying  

 Abu, a black market operator in Lagos, told Nairametrics that he had just witnessed an unexplained jump in demand.  

  • “The market is highly unpredictable; demand is too high. My dollar rate is N775/$, but by tomorrow it may have increased,” he said.  

 Musa, another operator, told Nairametrics that there had been an increased dollar scarcity because of the unstable prices. He said:

  • “The dollar price has become too unstable, and it is also difficult to get. I don’t have to sell now, which may be holding out for a higher price.”  

Suleiman said the spike in demand started after the CBN announced the introduction of the new naira notes. He said:

  • “Honestly, I don’t understand the demand. Since the CBN announced the new naira, there has been an increase in demand,” he added. “The man wan scatter everything.” (sic) 

In cases you missed it  

  • Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), said the redesigned N200, N500, and N1,000 notes would start circulating by December 15, 2023.  
  • The naira redesign simply entails a change in the currency’s appearance and security features. The redesign would not have any impact on the face value of the naira.  
  • Emefiele also believes that redesigning some naira notes would improve the currency’s value and rein in inflation.  

Follow us for Breaking News and Market Intelligence.
Tags: Black MarketCBNDr Godwin Emefielenaira crashNaira notes redesigned
Ubah Jeremiah Ifeanyi

Ubah Jeremiah Ifeanyi

For further inquiries about this article, contact: Email: Ifeanyi.ubah@nairametrics.com Twitter: @ubahjc Linkedln: Jeremiah Ubah

Related Posts

Naira , dollar, exchange rate
Currencies

Exchange rate disparity returns as Naira appreciates to N1,545/$ officially, depreciates to N1,605/$ on parallel market 

June 21, 2025
Ugodre Obi-Chukwu named EY Entrepreneur (emerging category) of the year 2023
Financial Services

Banking sector sell-offs present buying opportunity — Nairametrics CEO, Ugodre Obi-Chukwu 

June 19, 2025
Wema Bank, Custodian Investment exits NGX 30 index
Financial Services

Agusto & Co upgrades Wema Bank rating to A- amid stronger financial performance 

June 19, 2025
CBN, forex
Bank Recapitalization

CBN says forbearance-affected banks under close supervision 

June 18, 2025
CBN, forex
Financial Services

No recapitalisation deadline extension for BDCs, CBN says 

June 11, 2025
CBN, forex
Financial Services

Private sector credit rises to N77.9 trillion in April 2025 

May 30, 2025
Next Post
Providing Affordable, Quality Homes

Providing Affordable, Quality Homes

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • WAES: West Africa exported goods valued at over $166 billion in 2024 – Tuggar 
  • Heineken withdraws staff, suspends operations in Eastern DRC cities amid worsening rebel conflict 
  • Tariff relief triggers $2 billion investment in Nigeria’s digital infrastructure – Tayo Aduloju

Follow us on social media:

Recent News

Yusuf Tuggar, Nigerian military

WAES: West Africa exported goods valued at over $166 billion in 2024 – Tuggar 

June 21, 2025
Heineken launches mandatory takeover bid of Champions Breweries, offers to buyout remaining 15.3% equity stake

Heineken withdraws staff, suspends operations in Eastern DRC cities amid worsening rebel conflict 

June 21, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics