Nigeria’s local currency has soared above the ₦2,000 mark against the Great British Pound on the parallel market.
Malam Ibrahim, a Bureau de Change operator at Wuse Zone 4, confirmed the staggering rates earlier today.
“It’s indeed true,” he affirmed. “We’re now trading above ₦2,000 for the pound, driven by relentless demand.”
This latest surge marks a significant jump from the ₦1,930 recorded just two days ago, representing a historic low for the naira.
Moreover, the naira has also weakened against the dollar in the unofficial forex market, where it’s now trading at ₦1,673 compared to ₦1,670 on Friday.
Despite the Central Bank of Nigeria’s efforts to shore up forex supply, including recent measures to retain forex earnings from oil companies, the naira’s downward spiral continues.
Market analysts attribute this persistent decline to an ongoing surge in dollar demand, fueled largely by businesses restocking inventory and procuring raw materials.
Stay tuned for further updates…
