Naira Rebounds on the Black Market Amid Slow Dollar Demands, Cash Scarcity Read more

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Naira Rebounds on the Black Market Amid Slow Dollar Demands, Cash Scarcity Monday, March 20, 2023 at 5:32 PM by Pascal Oparada Naira has gained about 0.54% against the US dollar on the black market Market survey shows that there has been slow demand for the US dollar The development comes as cash scarcity continues in commercial banks two weeks after the CBN reintroduced old naira notes into circulation PAY ATTENTION: See you at Legit.ng Media Literacy Webinar! Register for free now! The Nigerian Naira gained massively on Monday, March 20, 2023, against the US dollar. The currency recovered by 0.54% as demand for the United States dollar thawed at the parallel market. During trading on Monday, the naira was seen trading at N746 per dollar, higher than the N750 per dollar traded last week. Naira gains at the parallel market Credit: Bloomberg Source: Getty Images Demand for the dollar slows down According to BusinessDay, traders said they had not seen an increased demand for the dollar since last week. PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates! RECOMMENDED FOR YOU Grammy-winning reggae group Morgan Heritage releases single, to drop album... The report said the market is now thawing as Nigerians battle cash scarcity due to the naira redesign policy of the Central Bank of Nigeria (CBN). On March 13, 2023, the CBN bowed to pressure caused by a Supreme Court order and reintroduced the old N200, N500, and N1000 notes into circulation. Foreign exchange scarcity continued across the board as commercial banks announced they would cut personal travel allowance (PTA) and Business Travel Allowance (BTA) by 50%. Naira scarcity continues in Nigeria Meanwhile, cash scarcity continued in the second week after the CBN asked banks to begin dispensing old naira notes in compliance with the apex court's directives. Vanguard reports that the scarcity of naira notes will continue much longer, stretching to weeks as factors restricting circulation persist. The report adds that there is low deposit of the naira notes, causing limited supply from the CBN and unmet demands and backlogs by commercial banks. RECOMMENDED FOR YOU Breaking: Big upset as another northern APC-controlled state losses governo... Bank sources said that 98% of cash transactions last week were mainly withdrawals and fewer deposits. Currency in circulation drops to an all-time low of N982 billion Legit.ng reported that the Central Bank of Nigeria (CBN) had reduced cash in circulation to an all-time low of N982 billion, representing 235.03% at the end of February. The amount shrunk from N3.29 trillion at the end of October 2022 as the CBN's aggressive naira mop-up and redesign policies took centre stage. Source: Legit.ng Be the first to get hottest news from our Editor-in-Chief SIGN UP THANK YOU! Check your email and confirm your subscription You are already subscribed to our newsletter! Check your inbox to be the first to know the hottest news TAGS: CENTRAL BANK OF NIGERIA - CBNGODWIN EMEFIELENAIRA HOT: HELEN CRUMP MADISYN SHIPMAN BRUCE LEE NET WORTH ERIN MURPHY MESSIAH YA'MAJESTY HARRIS RECOMMENDED FOR YOU Grammy-winning reggae group Morgan Heritage releases single, to drop album... 38 minutes ago Breaking: Big upset as another northern APC-controlled state losses governo... an hour ago JUST IN: Powerful Kano governorship candidate concedes defeat, congratulate... 5 hours ago "You dey feed me?" 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