Naira records historic low, currently exchanging at N2,000/£ at parallel market
This revelation was confirmed by a Bureau de Change operator, Malam Ibrahim, located at Wuse Zone 4, who highlighted the unprecedented demand driving this surge.
Naira records historic low, currently exchanging at N2,000/£ at parallel market
In a concerning turn of events, Nigeria’s local currency, the naira, has reached a historic low against the Great Britain Pound at the parallel market, currently exchanging above N2,000.
This revelation was confirmed by a Bureau de Change operator, Malam Ibrahim, located at Wuse Zone 4, who highlighted the unprecedented demand driving this surge.
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“This is indeed true,” stated Malam Ibrahim. “We are currently selling above N2,000 for the pounds, and it is primarily due to the heavy and consistent demand for these currencies.”
This latest rate surpasses the N1,930 recorded just days ago on Saturday, marking the lowest point in the naira’s historical performance. The depreciation trend extends to the dollar as well, with the parallel forex market trading unofficially at N1,673, up from N1,670/$ on Friday.
Naira falls to N1,619 per $1, heading to N2,000 as economic under Tinubu collapse massively
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Despite efforts by the Central Bank of Nigeria (CBN) to bolster foreign exchange supply through various policies, including halting international oil companies from remitting 100 per cent of their forex proceeds abroad, the naira’s value continues to plummet. Market analysts attribute this decline to the persistent surge in demand for dollars, particularly evident since the start of January.
Businesses, in particular, are contributing significantly to this heightened demand, as they seek to restock goods and acquire raw materials, necessitating a greater need for foreign exchange.
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