The exchange rate at the parallel market sees the Naira declining to N2,000 per 1£

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Nigeria’s local currency is presently surpassing the 2,000 naira mark against the Great Britain Pound in the parallel market, as confirmed by Malam Ibrahim, a Bureau de Change operator at Wuse Zone 4. He acknowledged the trend, stating,

“Yes, it is true; we are currently selling above N2,000 for the pounds, and this is primarily due to the robust and consistent demand for these currencies.”

Notably, this new exchange rate marks an increase from the N1,930 recorded on Saturday, representing the lowest point in the historical performance of the naira.

Simultaneously, the naira experienced depreciation against the dollar in the parallel forex market, where it unofficially traded at N1,673 compared to N1,670/$ on Friday.

These financial developments persist despite the Central Bank of Nigeria’s implementation of various policies aimed at reinforcing the foreign exchange supply.

One recent policy involves halting international oil companies in Nigeria from immediately remitting 100 per cent of their forex proceeds to their parent companies abroad.

Market analysts attribute this recent decline to a consistent surge in demand for dollars, evident since the beginning of January.

The heightened demand is primarily driven by businesses actively restocking goods or acquiring raw materials, leading to an increased need for foreign exchange.

Further details will follow.

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