Nigeria’s local currency is currently exchanging above 2,000 naira against the Great Britain Pound at the parallel market.

A Bureau de Change operator at Wuse Zone 4, Malam Ibrahim, confirmed the rates on Monday.

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.”

Our correspondent learned that the new rate increased from N1,930 recorded on Saturday and is currently the lowest point in the historical performance of the naira.

Similarly, the naira depreciated against the dollar in the parallel forex market, where forex is unofficially trading at N1,673 from N1,670/$ on Friday.

These developments persist despite the Central Bank of Nigeria’s implementation of several policies aimed at bolstering the supply of foreign exchange.

One of the recent policies was the CBN’s announcement of halting international oil companies operating in Nigeria from immediately remitting 100 per cent of their forex proceeds to their parent companies abroad.

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 a substantial portion of the demand attributed to businesses actively seeking to restock goods or acquire raw materials, necessitating a higher demand for foreign exchange.

tollyboy5:
Why are the bdc operators allowed to create large difference without being arrested or something!

tollyboy5:
BDC should be banned

nairalanda1:


Blame your government for not earning enough instead of BDC.

tollyboy5:

Wetin you mean by earning enough. The dollar bdc trade with are they not from cbn?

tollyboy5:
Why are the bdc operators allowed to create large difference without being arrested or something!

nairalanda1:


With a forex reserve of 4 bn and with hefty loans leading to the debt that is eating 90% of our revenue , yes we ain't earning enough

I don't like BDC, but banning them won't change anything. No dollars to buffer the naira. Simple and short

See why you guys have never had good leadership? Up to today most of our revenue comes from oil. Oil prices are too volatile to pay us enough. Sensible government would have diversified since. Including this one

tollyboy5:

Where are bdc getting their dollar from if cbn don't have enough dollar 4 our economy?

nairalanda1:


Banks, and their customers

tollyboy5:

It's very simple. The money is coming from CBN.
Ban all bdc operators and people should get dollar from banks direct.

No too much Grammer is needed. If them need too much Grammer then we enter the street and scatter the con3, make everything Kuku scatter na im better pass.

nairalanda1:


Still won't change the fact that dollars are scarce because we don't earn enough of them

tollyboy5:

It will stop the unnecessary gap

nairalanda1:


There still will be a gap per se, only this time it happens in the banks

Plus it does not stop the scarcity problem.

Paraman:
If e like make e enter £/#10,000