Another decline in the value of the Naira has been recorded earlier today. The Naira, Nigeria’s local currency is currently trading against the Pound at N2000/£.
This is the lowest recorded value of the Naira against the Pound and can be attributed to the high demand for foreign currencies in the market. The new rate has seen a rise from Saturday’s recorded rate of N1,930/1£.
Furthermore, the Naira slumped against the dollar in the parallel market, the official market reads N1,673/$ which shows a rise from N1,670/$ from Friday.
All the recent developments regarding the decline in the Naira’s value have continued in a downward spiral, regardless of Central Bank’s new policies to curb the decline.
