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“Do Not Reject Old Dollar Bill” – CBN Warns, As Naira Tumbles To ₦485 To $1

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The Nigerian Naira on Tuesday recorded a significant devaluation to the U.S dollar at the parallel exchange market.


According to data from currency exchange sites, Naira closed at N485-486 to a dollar, from N482 it had exchanged for over a week. Tuesday’s exchange rate at the black market represents a loss in value by N4.00 or 0.83 percent.

Similarly, Naira weakened on the official exchange market. Data posted on the FMDQ Security Exchange, where forex is officially traded, showed that the Naira closed at N410.67, from N410.33 it traded in the previous session on Monday.

Read Also: History Of Nigerian Naira, The ‘₦’ Sign, Old Exchange Rates And Everything You Need To Know
During trading on Tuesday, Market participants bid for a dollar at N381.00 and N437.41 before closing at N410.67.

This occurred as the market witnessed a significant increase in dollar liquidity by 42.72 percent to $99.49 million as against the $69.71 million on Tuesday.

By implication, the difference between unofficial market and the I&E window exchange rate has increased to N75.33.

Meanwhile, The Central Bank of Nigeria (CBN) on Tuesday evening threatened to sanction banks and other foreign exchange dealers that refuse to accept old series/lower denomination of U.S dollar bills from their customers.

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CBN in a circular to all banks, Bureau De Change (BDC) operators and the general public and signed by Ahmed Umar, director of currency operations, said in recent times it had received complaints from the members of the public on the rejection of old/ lower denomination of U.S dollar bills by deposit money banks and other authorised forex dealers.

Consequently, the CBN has directed all banks and authorised forex dealers to henceforth accept both old series/lower denomination of US dollars that are legal tender for deposits from their customers.

The circular also advised all authorised forex dealers to desist from defacing/stamping US dollar banknotes as such notes always fall authentication test during processing/sorting.CBN

Photo Credit: Getty

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