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Naira Falls to N2,000/1£ at Parallel Market

Posted by Thandiubani on Mon 19th Feb, 2024 - tori.ng

Malam Ibrahim, a Bureau de Change operator in Wuse Zone 4, verified the rates on Monday, February 19.

 
Nigeria's currency, the naira has depreciated against the pound at the parallel market.
 
TheNation reported that the local currency is currently trading at over 2,000 Naira against the British pound.
 
Malam Ibrahim, a Bureau de Change operator in Wuse Zone 4, verified the rates on Monday, February 19.
 
He said: “Yes it is true, we are currently selling above N2,000 for the pounds and it is still about the heavy and consistent demand for these currencies.”
 
According to the Punch, the new rate increased from N1,930 recorded on Saturday and is currently the lowest point in the historical performance of the naira.
 
In a similar vein, the naira lost value about the dollar on the parallel FX  market, where it is now unofficially trading at N1,673 from N1,670/$ on Friday.
 


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