Bureau de Change operators have confirmed that Nigeria’s local currency, the naira, is currently experiencing a significant decline in value. As of Monday, the naira is exchanging at over 2,000 naira against the Great Britain Pound in the parallel market.
This marks a sharp increase from the rate of N1,930 recorded on Saturday and represents the lowest point in the historical performance of the naira.
In addition to the devaluation against the British Pound, the naira has also depreciated against the US dollar in the parallel forex market.
The unofficial exchange rate for the dollar now stands at N1,673, up from N1,670/$ on Friday.These developments have raised concerns about the stability of the naira and its impact on the local economy.
