#BREAKING: Nigeria’s Naira Falls To N2040/£1 At The Black Market, Hits Record Low

The Nigerian naira has reached a historic low against the Great Britain Pound (GBP), exchanging at N2040/£ in the parallel market. This reflects a significant decrease of 5.39% or N110 compared to the previous day’s rate of N1,930. This unprecedented depreciation comes amid ongoing devaluation of the Naira in the black-market exchange rates, aggravated by a substantial surge in inflation, reaching 29.90% according to the National Bureau of Statistics (NBS) January 2024 report. Despite the Central Bank of Nigeria’s efforts to boost forex supply, including halting immediate remittance of 100% of forex proceeds by international oil companies, the challenges persist. The Naira also weakened against the dollar and Euro in the parallel forex market.