NewsOnline Nigeria reports that the parallel market exchange rate in one week witnessed a notable decrease, reaching a record low of N1,680 per Great Britain Pound (GBP).
This represents a 7% or N110 decline compared to the N1,570 recorded at the close of trading on Friday, January 12th.
The observed depreciation is unparalleled and stands as the lowest point in the historical performance of the Naira.
Market analysts attribute the recent decline to a consistent surge in demand for dollars that has been evident since the commencement of January. The primary contributors to this heightened demand include:
The unprecedented depreciation marks the lowest point in the naira’s history against the British pound, raising concerns about potential economic ramifications.
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