Naira Plummets: Exceeds 2,000 Naira Against British Pound in Parallel Market. The value of the Nigerian Naira against the British pound in the parallel market has surged to over 2,000 Naira, according to a report by Punch. This uptick represents a notable escalation from the rate of N1,930 reported just a few days prior, on February 17th. Notably, this current exchange rate stands as the lowest point in the recorded history of the Naira’s performance. Additionally, in the same parallel market, the Naira is also trading at a rate exceeding N1,700 for a single US dollar.
These developments underscore the continued challenges facing the Nigerian currency and its fluctuating value against major international currencies.
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