Amid the prevailing economic challenges in Nigeria, the local currency has reached a new low, surpassing the ₦2,000 mark against the British Pound on the parallel market.
Confirming the exchange rates on Monday, Malam Ibrahim, a Bureau de Change operator at Wuse Zone 4, stated, “Yes, it is true, we are currently selling above ₦2,000 for the pounds. This surge is attributed to the substantial and consistent demand for these currencies.”
According to reports, this new rate marks a significant increase from the ₦1,930 recorded on Saturday, representing the lowest point in the historical performance of the naira.
Similarly, the naira has experienced depreciation against the dollar in the parallel forex market. Unofficially trading at ₦1,673 on Friday, February 16, the exchange rate reflects a slight increase from ₦1,670/$.
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