At the black market today (Thursday, May 26, 2016), the pounds sterling crossed the N500 point, marking a sad point for those who do business in that currency. From parents paying fees, with wards and children’s upkeep to cope with, keeping apartments and those who regularly visit, a huge adjustment has to be made.
Officially about N289 to a pound, the currency, like the dollar is unavailable.
Sites monitored today by Encomium.ng listed the pounds as exchanging to the Naira at N500 in Lagos, N490 in Kano, N493 in Port Harcourt and N494 in Abuja.
The dollar, officially N197, exchanged at the black market for N345 to N349. And the euro was between N385 to N390.
The announcement of flexibility in exchange rate by the monetary policy committee may have triggered the current rise.