Naira falls to N2,000/1£ at parallel market

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The Nigerian naira has experienced depreciation against the British pound at the parallel market, currently trading at over 2,000 Naira against the pound, as reported by TheNation.

Malam Ibrahim, a Bureau de Change operator in Wuse Zone 4, confirmed this rate on Monday, February 19, attributing it to the heavy and consistent demand for these currencies.

The new rate represents an increase from N1,930 recorded on Saturday, marking the lowest point in the historical performance of the naira against the pound.

Similarly, the naira lost value against the dollar on the parallel FX market, unofficially trading at N1,673 compared to N1,670/$ on Friday, according to Punch.