{"id":100789,"date":"2022-10-28T18:58:15","date_gmt":"2022-10-28T17:58:15","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=100789"},"modified":"2022-10-28T18:58:15","modified_gmt":"2022-10-28T17:58:15","slug":"nigerias-naira-in-perpetual-fall-drops-to-n770-to-dollar-on-parallel-market-n444-5-on-ie-window","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/nigerias-naira-in-perpetual-fall-drops-to-n770-to-dollar-on-parallel-market-n444-5-on-ie-window\/","title":{"rendered":"Nigeria\u2019s Naira In Perpetual Fall, Drops To N770 To Dollar On Parallel Market, N444.5 On I&#038;E Window"},"content":{"rendered":"<div dir=\"auto\">Nigeria\u2019s Naira depreciated to a record low on Thursday against the Dollar on the parallel market, while the currency also dropped at the official window.<\/p>\n<p>The currency fell to N770 per dollar on the parallel market a day after the Central Bank of Nigeria (CBN) said it will redesign and issue new naira notes to the public as from December 15.<\/p>\n<p>The move by the CBN to phase out the current N200, N500 and N1000 naira notes by January 31, 2023, is in a bid to fight counterfeiting and hoarding.<\/p>\n<p>At the I&amp;E FX market, the Naira also depreciated by 0.64 percent as the dollar was quoted at N444.50 as against the last close of N441.67.<\/p>\n<p>Traders said most participants maintained bids between N425.00 and N450.06 per dollar.<\/p>\n<p>In a note to clients, the Financial Derivative Company Limited said the announcement of the change in naira notes would lead to flight to safety by investors.<\/p>\n<p>\u201cThe first reaction to the new regulations is likely to be a flight to safety by investors, for example, anytime there is a major global market shakeout, investors scramble for gold and dump the U.S. dollar.<\/p>\n<p>\u201cSo we expect some initial speculation against the Naira but this should be short-lived.<\/p>\n<p>\u201cThe Naira traded at N770\/$ today (Thursday) but should settle at its true market value in the days ahead. In times of uncertainty, investors, speculators and manufacturers will prefer to be long in dollars and short in domestic currencies,\u201d FDC said in its economic update on yesterday.<\/p>\n<div class=\"yj6qo\"><\/div>\n<div class=\"adL\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Nigeria\u2019s Naira depreciated to a record low on Thursday against the Dollar on the parallel market, while the currency also dropped at the official window. The currency fell to N770&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":84114,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-100789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Nigeria\u2019s Naira In Perpetual Fall, Drops To N770 To Dollar On Parallel Market, N444.5 On I&amp;E Window - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/nigerias-naira-in-perpetual-fall-drops-to-n770-to-dollar-on-parallel-market-n444-5-on-ie-window\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria\u2019s Naira In Perpetual Fall, Drops To N770 To Dollar On Parallel Market, N444.5 On I&amp;E Window - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"Nigeria\u2019s Naira depreciated to a record low on Thursday against the Dollar on the parallel market, while the currency also dropped at the official window. The currency fell to N770&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/pointblanknews.com\/pbn\/news\/nigerias-naira-in-perpetual-fall-drops-to-n770-to-dollar-on-parallel-market-n444-5-on-ie-window\/\" \/>\n<meta property=\"og:site_name\" content=\"Pointblank News\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-28T17:58:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2021\/07\/naira_nigeria.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"402\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Our Reporter\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Our Reporter\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/nigerias-naira-in-perpetual-fall-drops-to-n770-to-dollar-on-parallel-market-n444-5-on-ie-window\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/nigerias-naira-in-perpetual-fall-drops-to-n770-to-dollar-on-parallel-market-n444-5-on-ie-window\/\"},\"author\":{\"name\":\"Our Reporter\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c\"},\"headline\":\"Nigeria\u2019s Naira In Perpetual Fall, Drops To N770 To Dollar On Parallel Market, N444.5 On I&#038;E Window\",\"datePublished\":\"2022-10-28T17:58:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/nigerias-naira-in-perpetual-fall-drops-to-n770-to-dollar-on-parallel-market-n444-5-on-ie-window\/\"},\"wordCount\":271,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/nigerias-naira-in-perpetual-fall-drops-to-n770-to-dollar-on-parallel-market-n444-5-on-ie-window\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2021\/07\/naira_nigeria.jpg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/pointblanknews.com\/pbn\/news\/nigerias-naira-in-perpetual-fall-drops-to-n770-to-dollar-on-parallel-market-n444-5-on-ie-window\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/nigerias-naira-in-perpetual-fall-drops-to-n770-to-dollar-on-parallel-market-n444-5-on-ie-window\/\",\"url\":\"https:\/\/pointblanknews.com\/pbn\/news\/nigerias-naira-in-perpetual-fall-drops-to-n770-to-dollar-on-parallel-market-n444-5-on-ie-window\/\",\"name\":\"Nigeria\u2019s Naira In Perpetual Fall, Drops To N770 To Dollar On Parallel Market, N444.5 On I&E Window - 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