The Nigerian Naira has reached a record low against the British Pound in the black market, highlighting the ongoing challenges facing the nation’s currency.
The exchange rate has experienced a substantial decline, with the Naira weakening to N2050 per Great Britain Pound (GBP).
This marks a notable decrease of 7.32% or N150 compared to the previous day’s rate of N1,900.
The persistent depreciation of the Naira against major currencies, including the GBP, reflects the heightened demand pressures in the foreign exchange market.
Market analysts attribute this decline to various factors, such as increased demand for foreign exchange by businesses restocking goods and individuals paying for overseas studies, particularly tuition and related expenses.
Despite efforts by the Central Bank of Nigeria (CBN) to stabilize the currency through policy interventions, challenges persist within the forex market.
Financial experts emphasize the need for a comprehensive strategy that addresses the fundamental issue of limited supply and suggest re-evaluating policies to safeguard the Nigerian Naira amid escalating forex rates.
