As Nigerians grapple with ongoing economic woes exacerbated by food inflation and exchange market volatility, there seems to be no relief in sight.
The country’s local currency is now trading at over 2,000 naira against the Great British Pound at the parallel market, signaling a historic low for the naira’s value.
Confirming the alarming rates, Bureau de Change operator in Wuse II, Abuja, Malam Ibrahim revealed, “Yes, it is true. We are currently selling above N2,000 for the pounds, and this surge is driven by the heavy and consistent demand for these currencies.”
This surge represents a significant spike from the N1,930 recorded just two days prior, signaling a rapid decline in the naira’s performance.
The naira further faced a depreciation against the dollar in the parallel forex market, with rates unofficially trading at N1,673 compared to N1,670/$ on the previous trading day.
Despite efforts by the Central Bank of Nigeria to shore up forex supply through various policies, including halting international oil companies from immediately remitting 100 per cent of their forex proceeds abroad, the naira continues to struggle.
Market analysts attribute this downward spiral to an ongoing surge in demand for dollars, particularly from businesses seeking to restock goods or procure raw materials, driving up the demand for foreign exchange to unprecedented levels.
