The Nigerian Naira has taken a significant hit, surpassing the 2,000 Naira mark against the British Pound on the parallel market. Malam Ibrahim, an operator at Wuse Zone 4’s Bureau de Change, confirmed this alarming trend on Monday.
He stated, “Yes, it’s true. We’re now selling the Pound above N2,000, reflecting the persistent and heavy demand for foreign currencies.”
This marks a sharp increase from the previous rate of N1,930 recorded just days ago, signifying a historic low for the Naira’s performance.
In addition, the Naira’s value has depreciated against the dollar, currently trading unofficially at N1,673 compared to N1,670/$ on Friday in the parallel forex market.
Despite the Central Bank of Nigeria’s efforts to stabilize the forex market, including measures such as restricting international oil companies from remitting 100% of their forex proceeds immediately, the Naira continues to falter.
Market analysts attribute this decline to a surge in demand for dollars, particularly from businesses replenishing stocks and sourcing raw materials, leading to heightened demand for foreign exchange.
Stay tuned for further updates on this situation.
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