Nigeria’s indigenous currency is currently worth more than 2,000 naira against the British pound on the parallel market.
On Monday, Malam Ibrahim, a Bureau de Change operator in Wuse Zone 4, confirmed the rates.
He stated, “Yes, we are currently selling more than N2,000 for the pound, and it is still about the heavy and consistent demand for these currencies.”
Our source learned that the new rate increased from N1,930 on Saturday and is now the lowest point in the naira’s history performance.
Similarly, the naira fell against the dollar in the parallel forex market, with forex trading unofficially at N1,673 from N1,670/$ on Friday.
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These patterns remain despite the Central Bank of Nigeria implementing a number of policies targeted at increasing foreign exchange supply.
One of the most recent measures was the CBN’s decision that international oil companies operating in Nigeria would no longer be required to instantly repatriate 100% of their forex revenues to their parent businesses abroad.
Market observers attribute the latest decrease to a persistent increase in demand for dollars, which has been seen since the beginning of January. The key causes to this increased demand are enterprises actively attempting to resupply items or acquire raw materials, resulting in a larger need for foreign exchange.
Details later…