Naira plummets to 1655/Dollar as Pounds reach 2040 in parallel market

The Nigerian Naira has taken a significant hit in the currency market, with the dollar soaring to 1655 Naira for selling and 1645 Naira for buying at the black market. Similarly, the pound has surged to 2040 Naira for selling and 2010 Naira for buying.

This sharp depreciation in the Naira’s value against major currencies like the dollar and pound reflects ongoing economic challenges and uncertainties within the country. The widening gap between buying and selling rates indicates heightened volatility and instability in the currency market.

Economic analysts are closely monitoring the situation, emphasizing the need for strategic interventions to address underlying economic issues and restore confidence in the Nigerian economy. However, the current fluctuations underscore the urgency for comprehensive measures to stabilize the currency and mitigate the impact on businesses and consumers alike.