JUST IN: Uncertainty As Dollar, Pounds Hit New High

Despite the federal government’s crackdown on foreign exchange market speculators and raids on Bureau De Change (BDC) hubs in Abuja, Lagos, and Kano, the naira continued its downward trend at the parallel market on Tuesday.

In spite of the enforcement actions, the naira depreciated further, with the dollar trading at 1,900 naira in Abuja and Kano, and 1,800 naira in Lagos. Meanwhile, the British Pound was exchanged for 2,250 naira.

Conversely, at the official market, the naira experienced a slight improvement, closing at 1,551.24 naira compared to the previous rate of 1,574.62 naira, as reported by the Nigerian Autonomous Foreign Exchange Market (NAFEM).