Finance & EconomyNews

Naira Plunges to a Record Low of N785 After CBN Announces Plans to Replace Higher Naira Notes

The naira plunged to record lows against the US Dollar 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 N442.62 to the dollar before regaining some lost ground. In the unauthorized parallel market, the naira weakened to 785 to the dollar from 768 on Thursday. 

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