- The value of the British pound sterling is quickly approaching the dreaded N2,000/£1 level on the black market
- The value of the dollar has risen to a four-month high against the naira surpassing the N1,500/$ mark
- In response to the incident, the CBN advised calm and gave assurance that the naira is safe from further decline
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
With the US dollar at a four-month high, the value of the British pound sterling is rapidly approaching the feared N2,000/£1 threshold on the parallel market, trading at N1,964/£1.
This increase comes after the Office for National Statistics announced a 0.4% growth in the UK GDP in May.
What Nigerians should do
The Central Bank of Nigeria(CBN), responding to the event, …