BREAKING: Naira Crashes Further, Sells At N2000 At Parallel Market

The Nigerian local currency, the Naira, is presently exchanging at over 2,000 Naira per British pound in the parallel market.

Malam Ibrahim, a Bureau de Change operator situated in Wuse Zone 4, confirmed this exchange rate on Monday, February 19, attributing it to the sustained high demand for foreign currencies.

He stated, “Yes, it is true. We are currently selling above N2,000 for the pounds, and this is primarily due to the heavy and consistent demand for these currencies.”

As reported by the Punch, this new exchange rate marks an increase from the previous rate of N1,930 recorded on Saturday and represents the lowest point in the historical performance of the Naira.

Similarly, the Naira has depreciated against the US dollar in the parallel foreign exchange market, now unofficially trading at N1,673 compared to N1,670/$ on Friday.