These are not the best of times for Nigeria’s currency, the Naira, even with the recent redesign of three of the notes in 200, 500 and 1,000 denominations.
The Naira has been taking relentless rounds of beating from major currencies in the foreign exchange market, including the United States Dollar (USD), the British Pounds Sterling and the Euro, among others.
On Tuesday, November 22, 2022, at both Krake and Igolo international border posts of Nigeria’s immediate western neighbour, Benin Republic, a day before Nigerian President Muhammadu Buhari launched the the trio of redesigned Naira notes in the country’s Federal Capital Territory (FCT), Abuja, the Naira had bowed to the CFA, exchanging N1,200.00 for CFA1,000.00.
THE EXTRA SCOOP gathered that two months earlier, the exchange rates between both currencies had been CFA1,200.00 for N1,000.00.
About seven years ago, N350.00 exchanged for between CFA950.00 and 1,000.00.
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