Pounds to Naira Rate Hits N596  at the Black Market

The British Pounds gained against the Nigerian Naira on Wednesday at the black market as forex scarcity persists.

The local currency declined slightly by N1 from N595 it traded against the Pounds on Tuesday to N596 on Wednesday.

Against the European common currency, the Euro, the Naira lost N2 from N540 it was exchanged on Thursday to N542 today.

Similarly, the local currency declined by N1 against the United States Dollar from N463 on Tuesday to N464 on Wednesday.

The British Pounds rose against the Nigerian Naira after the Central Bank of Nigeria devalued the Naira twice in a bid to accommodate the change in macro fundamentals.

Since then the plunge in global oil demand and prices have been hurting the apex bank’s ability to intervene at the nation’s foreign exchange market to support the naira value against global counterparts.

Therefore, experts expect the local currency to remain under pressure until the first half of 2021 given current situation in Nigeria and the world.