Naira holds firm against British pound at N1,808/£
Latest market action showed the NFEM market rate for the British pound is N1,808.3/£. The post Naira holds firm against British pound at N1,808/£ appeared first on Nairametrics .
The official exchange rate for the British pound against the Nigerian naira is currently N1,808.3/£, according to the latest market data. This rate has seen a modest upward trend since the beginning of November, following a high of around N1,814.44/£. The parallel market, which trades at approximately N1,870-N1,900/£, remains under seasonal upward pressure.
Throughout November, the GBP/NGN rate began at 1,802.21/£, peaked at 1,814.44/£ on November 4, and has fluctuated within a narrow range of approximately 1,783/£-1,788/£. Despite recent official rate bounces, the parallel market rates continue to exhibit upward pressure due to off-season demand from importers and holiday travelers, as well as foreign portfolio outflows.
The Bank of Nigeria (CBN) has recently cut its monetary policy rate (MPR) by 350 basis points to 23% in September, aiming to ease policy transmission amid declining inflation. The CBN is expected to maintain rates steady at its upcoming meeting on November 24, as Nigeria offers a significant nominal yield premium compared to G7 currencies.
Stronger oil prices, bolstered by local refining, further support the domestic currency. Market analysts anticipate the official GBP/NGN rate to stabilize between 1,775-1,815, while parallel-market premiums will likely remain pressured by December festivities. Key factors influencing these trends include the forthcoming rate decision by the CBN Monetary Policy Committee on November 24 and the release of UK inflation and labor 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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