BREAKING: Naira experiences free fall, crashes against Euro, Pounds

The Nigerian Naira is facing a significant devaluation as it struggles against the Euro and the British Pound. The black market exchange rates for both currencies have created concern among currency traders and the public.

As of Friday morning, October 20, 2023, the exchange rate for Euro to Naira opened at ₦1140 per €1 on the black market in Lagos, Nigeria’s bustling commercial city. This rate reflects the dire state of the Naira’s value against the Euro.

For those seeking to purchase Euros or exchange Naira to Euros, the black market rates are as follows: Buyers can obtain one Euro for ₦1130, while sellers can exchange Euro for ₦1140, marking a substantial gap in currency value.

The British Pound, meanwhile, has also experienced challenges in its exchange rate with the Naira. The official rate stands at £1 pound to Naira = ₦1330/£1, while the black market rates in Lagos are slightly different. For those buying £1 pound, the rate is ₦1320, and for those selling £1 pound, it stands at ₦1330.

In contrast, the Bureau De Change (BDC) rates were not specified in the provided information. Data from the Central Bank of Nigeria (CBN) indicates that the official exchange rate between the Naira and the British Pound opened at ₦1330£1 on Friday, October 20, 2023.

These developments in exchange rates underscore the ongoing challenges facing the Naira and its declining value against major international currencies, which can have wide-ranging economic implications for Nigeria.