{
  "id": 648326,
  "title": "Pound stays below N1,850 as traders brace for US inflation data",
  "url": "https://urgent.news/2026/08/12/pound-stays-below-n1-850-as-traders-brace-for-us-inflation-data",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-12T08:43:55.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/08/12/pound-stays-below-n1850-as-traders-brace-for-us-inflation-data/"
  },
  "original_language": "en",
  "account": "The Nigerian Naira remained steady against the British pound, closing at N1,843/£1 during Wednesday's midweek trading session. The British pound failed to regain the N1,850/£1 support level since July 20th. The Central Bank of Nigeria (CBN) observed tight price movements within a narrow range of N1,830/£ to N1,845/£, showcasing orderly price discovery in the Nigerian forex market. Factors such as parallel market spread activities and market liquidity issues still pose risks to the accessibility of hard currencies for corporations and consumers, particularly during import cycles. The CBN is actively working to maintain forex availability, control liquidity, and curb high inflation through monetary tightening measures. Efforts to reform the official market and lending price-setting procedures have led to increased dollar inflows and reduced FX payment backlogs, potentially narrowing the gap with parallel market premiums. However, medium to long-term currency appreciation will likely depend on endogenous demand, including trade, refined imports, and external debt servicing. In the UK, the pound's future movements will largely depend on the country's inflation outlook and Bank of England's rate decisions. Meanwhile, the British pound sterling was trading near $1.35 against the US dollar during Wednesday's session. Currency traders anticipate continued range-bound conditions for the \"Cable,\" with keen interest in the upcoming US Consumer Price Index (CPI) data released during North American trading hours and the UK's Gross Domestic Product (GDP) report on Thursday. The US dollar remains robust following doubts about reopening the Strait of Hormuz, with Iran's top leader voicing concerns about Iran's response to US demands. Additionally, the Houthis in Yemen have intensified their attacks on vessels in the Red Sea and Bab al-Mandeb, contributing to ongoing war risk premiums and potential upward pressure on oil prices, which could fuel inflation concerns.",
  "summary": "The Naira remained range-bound against the British pound, settling at N1,843/£1 as midweek official market trading opened. The post Pound stays below N1,850 as traders brace for US inflation data appeared first on Nairametrics .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "FXStreet",
        "title": "Euro steadies against Pound Sterling as traders await UK GDP verdict",
        "url": "https://urgent.news/2026/08/12/euro-steadies-against-pound-sterling-as-traders-await-uk-gdp-verdict",
        "published": "2026-08-12T14:40:54.000Z"
      }
    ]
  },
  "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."
}