CBN’s latest data showed that the British Pound Sterling is currently being traded at N1,840/£1.
Most recent price action in the Nigerian foreign exchange market showed the Nigerian naira exhibited strength against the British Pound sterling amid increased uncertainty in the British economy.
CBN’s latest data showed that the British Pound Sterling is currently being traded at N1,840/£1.
The local currency recovered from its April lows and showed signs of resilience in the first half of May, while the British pound hit monthly lows amid a crisis in the UK ruling party.
The British pound sterling plummeted when one of the most well-liked Labor Party politicians in the country threatened to overthrow UK Prime Minister Keir Starmer.
The naira has remained in the N1825/£1–N1950/£1 price range amid the optics in the UK economy and the Central Bank of Nigeria’s liquidity management strategies, particularly as currency traders reacted to the political situation in the United Kingdom.
Latest market action showed the pair’s immediate support found around the N1,750-N1,800 psychological range, which, if the CBN aggressively injects dollars/foreign currency into the banking system, can occasionally see the naira rally back toward these levels.
