At the parallel market, Nigerian local currency is currently trading for more than 2,000 naira against the British pound.
On Monday, the Federal Capital Territory’s Bureau de Change operators verified the prices.
“We are selling the pounds for more than N2,000 right now, and there is still a strong and steady demand for these currencies.”
In the parallel FX market, where the naira is unofficially trading at N1,673 from N1,670/$ on Friday, the naira also lost value in relation to the dollar.
Despite the Central Bank of Nigeria enacting several initiatives to support the foreign exchange supply, these developments continue.
The statement by the CBN to stop foreign oil companies operating in Nigeria from instantly sending 100% of their foreign exchange earnings to their parent businesses overseas was one of the most recent measures.
Experts in the market credit the latest drop to a sustained increase in demand for US dollars that has been visible since January 1. The main causes of this increased demand include a sizeable amount that is attributable to companies actively attempting to replenish inventory or get raw materials, which raises the need for foreign exchange.