The naira has weakened further against the British pound, trading at about N1,896 per pound in the official foreign exchange market, according to the Central Bank of Nigeria. The development comes despite a global decline in the value of the British currency.
CBN data shows the naira has remained within the N1,825 to N1,950 per pound range, supported partly by tight monetary policy and high interest rates aimed at stabilising the currency. The Monetary Policy Rate currently stands at 26.5 per cent.
Analysts say seasonal demand for foreign exchange and broader market pressures continue to weigh on the naira, even as global factors such as geopolitical tensions and shifts in investor sentiment influence currency movements.
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The British pound has also been under pressure globally, trading lower against the US dollar amid risk aversion and uncertainty in international markets.
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