The Nigerian naira has surpassed the N2,000 mark against the Great Britain Pound (GBP) at the parallel market, indicating a significant depreciation in the local currency.
Confirming the current rates, Malam Ibrahim, a Bureau de Change operator at Wuse Zone 4, stated, “Yes, it is true. We are currently selling above N2,000 for the pounds, driven by heavy and consistent demand for these currencies.”
This latest figure marks a notable increase from the N1,930 recorded on Saturday and represents the lowest point in the historical performance of the naira. Furthermore, the naira has also depreciated against the dollar, trading unofficially at N1,673 compared to N1,670/$ on Friday.
These developments persist despite efforts by the Central Bank of Nigeria (CBN) to enhance the supply of foreign exchange. Recent measures, including halting international oil companies from remitting 100% of their forex proceeds to parent companies abroad, have been implemented.
Market analysts attribute the ongoing decline to a sustained surge in demand for dollars, particularly evident since the beginning of January. This increased demand is primarily fueled by businesses seeking to restock goods or acquire raw materials, thus driving up the need for foreign exchange.
Stay tuned for more updates on this evolving situation.