The exchange rate between the naira and UK Pounds sold at over N1000 to £1 for the last five days in the black market.

This is according to the Nairametrics tracker of black-market exchange rates over the last four weeks since the central bank introduced a revised investor and exporter window.

The UK pound has gained for 5 days back to back against the naira as demand pressure constantly soars.

Naira depreciated slightly against the British Pound on July 10th, 2023, as the average exchange rate was N1025/£1, a 0.49% decrease from N1020/£1 on the previous trading day.

The depreciation of the naira against the UK Pounds coincides with the depreciation of the dollar which has also fallen to as low as N790/$1 across some major black market operators.

While there are no official reasons explaining the reason for the drop, sources inform Nairametrics that this is related to the rising wave of Nigerians seeking to emigrate to the United Kingdom.