Naira Holds Firm Against Pound at N1,800

The Nigerian naira has continued its recent strength against the British pound, trading around N1,800 to £1 in the official foreign exchange market. This marks one of the strongest levels for the Nigerian currency since late February.

Market activity has entered a narrower consolidation phase, with the sharp volatility recorded in previous weeks giving way to more balanced two-way foreign exchange flows.

The Central Bank of Nigeria's (CBN) efforts to improve transparency in foreign exchange price discovery and strengthen market-determined pricing have contributed to the naira's stability. Additionally, measures to address foreign exchange demand pressures and improve dollar supply have helped moderate excess demand in the parallel market while supporting stability in the official spot market.