Nigeria’s local currency is currently exchanging above 2,000 naira against the Great British Pound at the parallel market.
Also, the Dollar is traded at the rate of 1,680 to 1$ at the parallel market.
A Bureau de Change operator at Wuse Zone 4, Malam Ibrahim, confirmed the rates on Monday.
“We buy Dollars at the rate of 1,685 and sell at the rate of 1,680 naira,” Ibrahim told Explainer in a telephone interview.
He said, “Yes, it is true; we are currently selling above N2,000 for the pounds, and it is still due to the heavy and consistent demand for these currencies.”
The Explainer learned that the new rate increased from N1,930 recorded on Saturday and is the lowest point in the historical performance of the naira.
Similarly, the naira depreciated against the dollar in the parallel forex market, where forex is unofficially trading at N1,673 from N1,670/$ on Friday.
These developments have persisted 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 remitting 100 per cent of their forex proceeds to their parent companies abroad.
Market analysts attribute the recent decline to a consistent surge in demand for dollars.
