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Naira Appreciates To End Business Week On Positive Note

The naira appreciated consecutively against the dollar at the official foreign exchange market to close the week on a good note.

FMDQ Data showed that the naira gained slightly at ₦1600 per dollar on Friday from ₦1601.20 exchanged on Thursday.

Read Also: CBN Declares Old Naira Notes Valid Indefinitely

Friday’s gain is the second time the naira has appreciated in the week under review.

However, the naira shed its value three times against the dollar this week.

In comparison with the exchange rate of ₦1600.78 per dollar last Friday, the country’s currency gained N0.78 at the close of the week under review.

Meanwhile, at the black market, the naira lost ₦15 to close at N1740 per dollar after starting the week with ₦1725.

In other news, the Central Bank of Nigeria has dismissed reports suggesting that the old N200, N500, and N1,000 banknotes will no longer be legal tender after December 31, 2024. The bank’s statement seeks to reassure the public and maintain confidence in the currency amid ongoing discussions about potential changes in the monetary system.

According to Sidi Hakama, the CBN’s acting Director of Corporate Communications, the Supreme Court’s November 29, 2023, mandate for the indefinite use of old naira banknotes remains in effect, as noted in a Thursday statement. This clarification aims to curb any confusion regarding the ongoing validity of the currency.

“The attention of the Central Bank of Nigeria (CBN) has been drawn to discussions at different fora suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024. We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system.

“For the avoidance of doubt, the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, granting the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old Naira banknotes ad infinitum, subsists.

 

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