Nigeria’s currency, the Naira has depreciated against the pound at the parallel market.
The local currency is currently trading at over 2,100 Naira against the British pound.
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Malam Ibrahim, a Bureau de Change operator in Wuse Zone 4, verified the rates on Monday, February 19.
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.”
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According to the Punch, the new rate increased from N1,930 recorded on Saturday and is currently the lowest point in the historical performance of the naira.
In a similar vein, the naira lost value about the dollar on the parallel FX market, where it is now unofficially trading at N1,673 from N1,670/$ on Friday.
Photo Credit: Getty
