Nigeria’s currency, the naira, has depreciated against the British Pound in the parallel market.
Daily Report Nigeria reports that the Naira currently trades at more than 2,000 naira against the pound.
Mallam Ibrahim, a currency exchange operator at Wuse Zone 4, confirmed the increase on Monday, February 19th.
He said: “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.”
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The new rate is an increase from the N1,930 it traded on Saturday, pegging the lowest the Naira has ever traded against the Pound.
Meanwhile, the naira traded N1,670 against the Dollar from N1673 on Friday.
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