On March 6, 2023, at the Investors and Exporters window, the naira appreciated by 0.09%, trading at ₦461.33 per dollar compared to ₦461.75 per dollar at the close of business on March 3.

The open indicative rate for March 6 was ₦461.50 per dollar. The naira hit a high of ₦462.31 per dollar and a low of ₦446 per dollar, while a total of $108.01 million was traded.

On the black market, the naira exhibited a 1.05% increase, trading at an average rate of ₦760/$1 on March 6.

Alternatively, the exchange rate between the naira and the US dollar experienced a slight decline of 0.18% in the cryptocurrency peer-to-peer exchange market. Last Friday morning, the average rate was ₦741/$1, compared to the previous day's rate of ₦739.7/$1.

Effectively implemented, the currency redesign largely caused a fall in the money supply. The central bank said that the redesign would help bring down inflation.

Inflation can affect exchange rates by influencing the supply and demand of a country's currency. When a country experiences high inflation, its goods and services become relatively more expensive than other countries with lower inflation rates. This can reduce the demand for the country's exports, causing a decrease in the demand for its currency.

Additionally, high inflation can erode the purchasing power of a country's currency, making it less attractive to foreign investors. This can lead to a decrease in the demand for the country's currency, which can cause its value to depreciate relative to other currencies.