Currency Crisis: Nigerian Naira Continues to Decline, Reaches N2000 in Black Market Trading

On the parallel market, the Nigerian local currency, the Naira, is currently trading at over 2,000 Naira per British pound.

Located in Wuse Zone 4, Malam Ibrahim, a Bureau de Change operator, confirmed this exchange rate on Monday, February 19.

The heavy and consistent demand for these currencies is the primary reason we are currently selling above N2,000 for the pounds.

According to the Punch, this new exchange rate represents an increase from the previous rate of N1,930 recorded on Saturday and represents the lowest level of the Naira’s history.

Likewise, the Naira has depreciated against the US dollar in the parallel foreign exchange market, now trading unofficially at N1,673 against N1,670 on Friday.

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