The Nigerian naira suffered a sharp downturn on Friday, sliding to ₦1,950 per British pound in the parallel market as a surge in seasonal demand intensified pressure on the local currency.
According to market operators, the steep depreciation is being driven largely by the annual holiday rush, with rising numbers of travellers and international shoppers increasing their demand for foreign currency particularly the pound sterling. This spike has pushed the exchange rate to one of its weakest levels against the GBP this year.
On the more regulated segment of the foreign exchange market, the pound was reported to have inched toward the ₦1,935 mark, reflecting sustained pressure but with milder volatility compared to the parallel market.
Traders say the situation mirrors a familiar pattern: every December, demand for foreign exchange climbs as Nigerians prepare for international travel, holiday shopping, tuition payments, and cross-border remittances placing additional strain on the naira.
The latest slide means UK-linked expenses from flights to school fees and imports will become significantly more expensive for Nigerians, especially those relying on the parallel market to source foreign currency.
The naira had shown signs of relative steadiness in previous weeks, with the pound trading below ₦1,900 in some segments of the market. However, the renewed holiday-driven demand appears to have erased those gains, leaving the currency under fresh pressure heading into the festive season. Visit www.jocomms.com for more news.
