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Naira Hits Record Low Against the Pound, Plunges To N2,000/1£ In Parallel Market Check Other Rates
Naira Hits Record Low Against the Pound, Plunges To N2,000/1£ In Parallel Market Check Other Rates....KINDLY READ THE FULL STORY HERE▶
Confirmed by a Bureau de Change operator in Wuse Zone 4, Malam Ibrahim, the Nigerian naira has experienced a significant depreciation against the pound, reaching a historical low. Speaking to Punch, Ibrahim noted the current selling rate above N2,000 for the pounds, attributing this decline to persistent and heavy demand for foreign currencies………CONTINUE READING
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The latest drop from N1,930 recorded on Saturday underscores the naira’s weakened performance against the pound. In a parallel development, the naira has also depreciated against the dollar, now being exchanged at N1,673 in the parallel forex market, down from N1,670/$ on Friday.
Despite efforts by the Central Bank of Nigeria (CBN) to stabilize the currency through various foreign exchange policies, the depreciation continues. One such measure implemented by the CBN includes a directive to international oil companies operating in Nigeria, restricting them from immediately remitting 100% of their forex earnings to parent companies abroad.
Market analysts attribute the ongoing decline to a consistent surge in demand for foreign currencies since January. The primary driver behind the naira’s depreciation is the heightened demand from businesses looking to restock goods or purchase raw materials, placing increased pressure on the available foreign exchange reserves.
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Source: Bushradiogist
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