Naira Strengthens Against Pound in Official Market

The Nigerian naira has strengthened against the British pound in the official foreign exchange market, reaching N1,814/£ on Monday. This is its strongest level against the pound this month.

The naira's improvement against the pound comes after a year of steady decline, which saw it close at about N1,950/£ last year.

Analysts attribute the recent gains to reforms introduced in Nigeria's foreign exchange market and the Central Bank of Nigeria's efforts to clear outstanding foreign exchange obligations.

The bank has maintained a tight monetary policy by keeping interest rates high, aimed at reducing inflation and attracting more foreign investment into naira-denominated assets.