Naira Faces Pressure as Pound Surges to N1,837 Amid Sustained Demand

The British pound has seen sustained demand from Nigerian buyers, driving its value against the naira to N1,837/£1 at the start of trading on Thursday.

Market data shows that the pound has traded within a range of N1,813/£1 and N1,862/£1 so far this month, with analysts expecting near-term movements to remain anchored around the N1,840/£1 mark as buyers continue to dominate the market.

The strong demand for the UK currency is attributed to rising education, healthcare, and trade-related foreign exchange needs, including tuition payments to UK institutions and medical tourism.

Despite measures by the Central Bank of Nigeria (CBN) to stabilise the foreign exchange market through tight monetary policy and improved liquidity, the sustained appetite for the pound continues to exert pressure on the naira.