In the parallel foreign exchange market, the Nigerian naira witnessed a depreciation, reaching N1,165 per dollar on Thursday. This represents a N5 decrease from its value just last Tuesday.
Bureau De Change operators in Lagos shared insights with The Cable, reporting a buying rate of N1,155 for the dollar and a selling rate of N1,165, indicating a N10 profit margin.
In the official market, the naira experienced a 0.10 percent decline, closing at N832.32 to a dollar. According to FMDQ Securities Exchange data, the naira’s value fluctuated throughout the day, reaching a high of N1,137 and a low of N700.
The recent Supreme Court ruling on Tuesday instructed the Central Bank of Nigeria (CBN) to direct banks to accept both old and redesigned naira notes indefinitely.
This decision, led by a seven-man panel, addresses challenges in printing sufficient new notes before the December 31 deadline, considering ongoing economic difficulties.
The apex court emphasized that the banknotes should continue in circulation until the Federal Government, after due consultation with stakeholders, reaches a decision on the matter.
The ruling followed an application presented on behalf of the federal government by the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN.
