Naira Holds Steady as British Pound Sterling Trades at N1,837/£1

The British Pound Sterling traded at N1,837/£1 against the naira in Nigeria's foreign exchange market as the trading session kicked off Thursday.

The pound has remained steady within a band of N1,813/£1 and N1,862/£1 this month. Short-term fluctuations centered on a reference of N1,840/£1 remain likely as an anchor.

Nigeria's central bank rates remain elevated as it attempts to stamp down domestic price gains.

The British Pound Sterling's upside remains toward the previous month's monthly high close set at N1,850/£1. Underlying structural demand in the economy (trade, refined imports, external debt) still supports a persistent medium- and long-term appreciation against the British pound sterling.