Naira Strengthens to ₦1,806/£1 at Official Market

Naira Strengthens to ₦1,806/£1 at Official Market

Nigeria’s currency recorded a marginal gain against the British pound, appreciating to ₦1,806/£1 at the official foreign exchange market, according to the latest data from the Central Bank of Nigeria (CBN).

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The appreciation reflects improved investor appetite for naira-denominated assets, alongside reduced speculative pressures in the foreign exchange market.

Market analysts also attribute the movement to weaker-than-expected economic data from the United Kingdom, which has weighed on the pound’s performance globally.

The development signals continued stability efforts by monetary authorities aimed at boosting confidence in the naira and enhancing liquidity within the official market.

Naira Strengthens to ₦1,806/£1 at Official Market