The Nigerian Naira has depreciated to N1,165 against the US Dollar in the parallel market, as reported by Bureau De Change operators in Lagos. The buying rate was noted at N1,155, with a selling rate of N1,165, indicating a N10 profit margin for operators.
In the official market, the naira experienced a 0.10 percent fall, closing at N832.32 to a dollar. FMDQ Securities Exchange data revealed fluctuations throughout the day, with the naira reaching a high of N1,137 and a low of N700.
In a significant development, the Supreme Court issued a ruling on Tuesday, instructing the Central Bank of Nigeria (CBN) to direct banks to accept both old and redesigned naira notes indefinitely. This decision addresses the challenges associated with printing sufficient new notes to replace the old ones before the December 31 deadline. The apex court, led by Justice Inyang Okoro, emphasized that the banknotes should continue to circulate until the Federal Government, following consultations with relevant stakeholders, makes a decision on the matter.
The ruling came after the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, moved an application on behalf of the federal government. This decision provides temporary relief amid economic challenges and logistical difficulties in the currency replacement process.