Naira Declines Against British Pound, Euro

The Nigerian Naira declined by N4 against the British Pound on the black market to exchange at N615, down from N611 it traded on Tuesday.

The local currency lost N3 from N552 it exchanged against the European single currency on Tuesday to N555 on Thursday.

Against the United States dollar, the Naira remained at N477, the same rate it was exchanged on Monday.

Despite efforts by both the Central Bank of Nigeria and the Federal Government to sustain the Naira’s value, the local currency continues to struggle against its global counterparts.

Dollar scarcity across key foreign exchange markets and broad-based economic uncertainty continue to dictate Naira’s value.