Naira maintains N1,765/£1 band against British Pound amid increased FX supply
The naira has been stable against the British pound this month. The post Naira maintains N1,765/£1 band against British Pound amid increased FX supply appeared first on Nairametrics .
The Nigerian naira maintained its stability against the British pound this month, settling at 1,765/£1, according to the Central Bank of Nigeria (CBN). Nigeria's foreign reserves, which play a significant role in the naira's stability, have risen to $55.1 billion, marking the highest level in 18 years. The gross foreign exchange reserves include $46 billion in net reserves, leaving the CBN with ample firepower to handle any potential speculative attacks through the Naira Foreign Exchange Market Intervention Window (NAFEM).
The British pound has shown bullish sentiment recently, rising slightly in value, which has nudged the Nigerian naira's spot price towards the $1.3325 neighborhood. This trend is supported by various factors, including US inflation figures being higher than expected and better-than-anticipated UK GDP data.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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