Naira

Naira falls to N2,000/1£ at parallel market

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On the parallel market, Nigeria’s local currency, naira, is currently exchanging for more than 2,000 naira versus the British pound.

On Monday, a bureau de change operator in Wuse Zone 4, Malam Ibrahim, confirmed the prices.

He stated, “Yes, it is true; we are currently selling pounds for more than N2,000, and the heavy and consistent demand for these currencies remains unchanged.”

Our source learned that the new rate increased from N1,930 on Saturday and is now the lowest point in the naira’s history.

Similarly, the naira declined against the dollar in the parallel forex market, where forex is unofficially selling at N1,673, down from N1,670/$ on Friday.

These developments persist despite the Central Bank of Nigeria’s implementation of several policies aimed at bolstering the supply of foreign exchange.

One of the recent policies was the CBN’s announcement of halting international oil companies operating in Nigeria from immediately remitting 100 per cent of their forex proceeds to their parent companies abroad.

READ ALSO: Naira records marginal gain against dollar at official market

Market analysts attribute the recent decline to a consistent surge in demand for dollars that has been evident since the commencement of January. The primary contributors to this heightened demand include a substantial portion of the demand attributed to businesses actively seeking to restock goods or acquire raw materials, necessitating a higher demand for foreign exchange.

More details to follow…

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