A report by the Punch newspaper, a Nigerian news agency, showed that the Nigerian currency has reached its lowest point against major global currencies including the US Dollar and the British pound.
The publication’s investigation on the currency led it to a Bureau de Change operator at Wuse Zone 4 in the capital city of the country, Abuja, named Malam Ibrahim, who confirmed that the rate had surpassed N2000/£1.
“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,” Malam Ibrahim revealed to the Punch.
The new rate had jumped from N1,930 to more than N2000, which it was trading at as of Saturday.
Simultaneously, the value of the Nigerian Naira declined against the US dollar in the parallel forex market, where it is now unofficially trading at N1,673 vs N1,670/$ on Friday.
The country has been battling with the effects of its fuel subsidy removal, which has brought about a constantly increasing inflation rate, and a rising cost of living.
