{
  "id": 3456708,
  "title": "Naira trades at N1,838/£1 against British pound as traders await US inflation data",
  "url": "https://urgent.news/2026/08/26/naira-trades-at-n1-838-1-against-british-pound-as-traders-await-us",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-26T07:45:06.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/08/26/naira-trades-at-n1838-1-against-british-pound-as-traders-await-us-inflation-data/"
  },
  "original_language": "en",
  "account": "The Nigerian Naira depreciated slightly against the British Pound in the Nigerian market and parallel markets, as the Pound Sterling experienced a resurgence in the international foreign exchange market. The official trading session on NFEM began with the Pound Sterling trading at N1,838/£1, an increase from N1,839/£1 before the holiday break. The Central Bank of Nigeria (CBN) has taken a proactive approach to defend the Naira, given its strong structural and monetary policy stance. The bank's high Monetary Policy Rate has attracted Foreign Portfolio Investors (FPIs) to Naira-denominated money market instruments, thereby increasing Nigeria's foreign exchange liquidity and supporting the Naira.\n\nThe widening disparity between rates in the official and parallel markets, which fueled speculative hoarding and arbitrage, has narrowed following the CBN's policy approach. This has provided the bank with a buffer, allowing it to intervene in the foreign exchange market as necessary and prevent sudden liquidity shocks. As an oil-dependent nation, Nigeria relies heavily on oil prices and output. Higher global oil prices lead to increased dollar inflows into the federation account. Although Nigeria's youth population benefits from crude sales, the country still imports crude petroleum products and raw materials used in industrial production processes due to the closure of the Dangote Refinery.\n\nThe British pound traded below the $1.3665 support level, which could act as a fresh catalyst for bulls and pave the way for higher highs in the cable currency. However, short-term momentum remains positive, and breaching the resistance level could lead to a larger downward correction towards the mid-1.3500s region. In the meantime, US inflation figures are expected to be softer, alongside a slowdown in the labor market. This could lead to the Federal Open Market Committee (FOMC) holding off on raising interest rates on September 15-16. Additionally, US Treasury buyback plans and falling crude prices due to lower inflation could continue to put downward pressure on US bond yields, which would weaken the USD and support a bounce in the Pound Sterling (cable).",
  "summary": "Nigerian Naira shed slight value against the British Pound in the Nigerian market (both NFEM and parallel). The post Naira trades at N1,838/£1 against British pound as traders await US inflation data appeared first on Nairametrics .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "FXStreet",
        "title": "Pound Sterling's six-month high has no British test this week",
        "url": "https://urgent.news/2026/08/25/pound-sterlings-six-month-high-has-no-british-test-this-week",
        "published": "2026-08-25T23:01:27.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}