Pound Gains Against Naira Amid US Inflation Easing

The Nigerian naira has been relatively stable in recent months, with an average gain compared to previous years when the rate was subject to extreme volatility.

The Central Bank of Nigeria (CBN) introduced foreign exchange market rules designed to improve overall liquidity and transparency. As a result, the naira's stability has improved, with foreign exchange reserves near $53 billion giving it a mid-term boost.

In contrast, the British Pound last traded at N1,837/£1 against the naira on the eve of the last trading session of the week, showing some upside against the Greenback amid cooler US inflation data. The CBN's latest data in the Nigerian foreign exchange market showed that GBP/NGN trading has shown mild momentum.