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Traveling to UK, Europe Gets More Expensive As Naira Falls to New Low Against Pound, Euro
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Traveling to UK, Europe Gets More Expensive As Naira Falls to New Low Against Pound, Euro

by  Dave Ibemere 2 min read
  • The Nigerian currency's poor performance at the forex exchange market continues against the dollar, pound, euro
  • The dollar is now above N1000 at the black market while the British Pounds and the Euro is heading to N1500
  • The new acting CBN governor, Yemi Cardoso, and the other management team have their hands full in the days ahead

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The Naira continues to weaken in value in the foreign exchange (FX) markets amid rising pressure from importers and Nigerians traveling abroad.

Checks show that, while the dollar has dominated exchange rate conversation, the situation is even worse when the Naira is compared to the British pound and the euro.

naira to pounds exchange rate
The new CBN governor has a lot of work on his hands, especially in helping the Naira. Photo credit: Presidency
Source: Facebook

Legit.ng, in an earlier report, revealed that the naira crossed the N1000 per dollar threshold in the parallel market for the first time in Nigeria’s history on Friday, September 22, 2023.

Read also

Currency in circulation surpasses N2 trillion as new CBN Governor assumes duty, faces N1k per dollar

The Peer-to-Peer (P2P) window, used mainly by cryptocurrency traders, exchanged at N985 against the dollar on Friday.

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Naira exchange rate value against other currencies

The situation of the naira is even worse against the British pound and the Euro in both the official and black markets.

In the black market, Aboki FX reports that Nigerians heading to the United Kingdom will have to exchange N1,250 for £1.

Meanwhile, the Central Bank of Nigeria (CBN) reports that one British pound is being exchanged for N907.42/£1 in the official market as of Thursday, 21 September 2023.

As for the Euro in the black market, it is being exchanged for N1040/€1, while the CBN is quoting N807.447/€1.

Other currencies exchange rate

  • 1 Danish Krona (DANISH KRONA) = N108.26
  • 1 Swiss Franc (SWISS FRANC) = N836.50
  • 1 Yen (YEN) = N5.11
  • 1 CFA (CFA) = N1.20
  • 1 WAUA (WAUA) = N971.30
  • 1 Riyal (RIYAL) = N201.93

Read also

After CBN's suspension of MPC meeting, naira tumbles over N1,000 per dollar

"Expect cheap fuel, strong Naira": NNPC tells Nigerians after securing $3bn loan

Meanwhile, in another report, the Nigerian National Petroleum Corporation (NNPC) Limited has secured a $3 billion loan from AfreximBank.

The new loan will help strengthen the naira against the dollar and ultimately reduce the cost of petrol in the country.

NNPC Limited has provided a breakdown explaining that the loan is simply an upfront cash loan against proceeds from future crude oil production.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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