Melvin Onwubuke
Nigerian naira plunges further to a record low of N2040 to one Great British Pound, attributed to persistent demand pressure, that continues to devalue the naira.
According to nairametrics, this marks a significant decrease of 5.3% or N110 when compared to the N1930 rate recorded the previous day.
This unusual occurrence, represents the lowest performance of the naira in history.
Th exchange rate in parallel market has continued to observe the devaluation of the Nigerian naira, aggravated by a significant rise in inflation, according to the National Bureau of Statistics data for January, 2024.
Meanwhile, the naira also depreciated against the dollar at the black market, where it traded for N1655 to $1, showing a 3.93% decrease from the N1599 rate, it recorded the previous day.
Market analyst attributes the recent decline, to a consistent rise in demand for dollar, that had been evident since the beginning of January.
