On the parallel market, the exchange rate plummeted to N870 per dollar.
The naira has reportedly achieved a new historical low under the administration of President Muhammadu Buhari, trading at $870 per dollar on the secondary exchange market Aboki Forex.
On Friday Evening, November 4, 2022, it was previously reported that the naira, whose value had been steadily declining, traded at N870 per dollars.
Naira crashes to N775/$ days after CBN announced new naira notes
Two days after the Central Bank of Nigeria (CBN) announced it was revamping the 200, 500, and 1,000 naira notes, the naira experienced a historic drop to N715 per dollar.
On Friday Evening, November 4, 2022, the exchange rate between the Nigerian naira and the United States dollar plummeted, trading at a minimum of N870/$1 on the black market, down from N760/$1 on Thursday when the CBN made the announcement.
According to information obtained from black market operators questioned by Ejesgist.Ng , this is the case.