Naira Depreciates Against British Pound, Exchanges £1/N2050 At Black Market

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The British Pound has gained against the Naira at the parallel market.

The naira has now exchanged N2050 per Great Britain Pound (GBP), according to Nairametrics.

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This reflects persistent demand pressures that have contributed to the erosion of the currency’s value.

This signifies a significant decrease of 7.32% or N150 compared to the rate of N1,900 recorded the previous day.

Simultaneously, as of 11:54 am on Tuesday, black-market exchange rates have continued to undergo devaluation of the Nigerian Naira.

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Despite the Central Bank of Nigeria’s (CBN) concerted efforts to enhance foreign exchange (forex) supply through various policy interventions, challenges persist within the forex market.

Similarly, the Naira depreciated against dollar in the parallel forex market, where forex is unofficially traded, with the exchange rate quoted at N1,630/$1, reflecting a 1.84% decrease from the N1,600 rate it closed at the previous day.  

Additionally, the Naira weakened against the Euro by 0.57%, trading at N1750/EUR1 compared to N1740/EUR1 reported the previous day. 

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