The naira plunged to record lows against both the dollar and the world’s biggest stablecoin on Friday, 48 hours after the central bank announced plans to replace higher denomination notes of its local currency.
The naira fell on the official market, where it touched a record 442.62 naira to the dollar before regaining some lost ground. In the unauthorized parallel market, the naira weakened weakened to 780 to the dollar from 753 on Wednesday.
The local currency was quoted at 787.9 to the USDT as of 3:41 p.m. local time on cryptocurrency trading platform Binance, compared with 763.5 naira on Wednesday.
Naira weakens to new low after Nigeria’s central bank’s cash mop up plan.
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Nigeria’s central bank announced Wednesday that it plans to replace 200-, 500- and 1,000-naira notes by Jan. 31.
It said the move will help curb currency hoarding, slowdown inflation and disrupt kidnappings-for-ransom in Africa’s largest economy.
