Naira Drops To N2,000/1£ At Parallel Market

Naira has dropped to N2,000/1£ at the parallel market.

Glamtush reports that amid the current hardship ravaging the country, Nigeria’s local currency is currently exchanging above 2,000 naira against the Great Britain Pound at the parallel market.

A Bureau de Change operator at Wuse Zone 4, Malam Ibrahim, confirmed the rates on Monday.

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 reports, the new rate increased from N1,930 recorded on Saturday and is currently 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 persist 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 immediately remitting 100 per cent of their forex proceeds to their parent companies abroad.