Nigerian Naira Surges Against British Pound

The Nigerian Naira has been performing well against major currencies, including the British Pound. On Tuesday's trade session, the exchange rate settled at N1,819/£1, up from N1,830/£1 at the start of the week.

This is not the first time the Naira has traded at a relatively high value against the Pound. In fact, its all-time low and high stand at approximately N1805/£1 -N1875/£1 respectively in the last 30 trading days.

The improved dollar supply and increased foreign exchange reserves have contributed to the Naira's strength. Nigeria's external reserves now stand at multi-year highs of roughly $52.2 billion, giving the Central Bank of Nigeria (CBN) more firepower to manage the currency.