Nigerian Forex Dealers Reduce British Pound Exchange Rate Below N2,000 Amid Naira's Strengthening

Forex dealers in Nigeria have lowered the exchange rate for the British Pound below N2,000, with the Naira also strengthening against the Dollar. Yemi Kale, the Group Chief Economist of Afreximbank, credits the strong performance of the Naira to reforms by the CBN, including the removal of subsidies on scarce foreign exchange.

Moham Abdullahi, the CBN Deputy Governor, announced that Nigeria's foreign exchange reserves have reached a five-year peak of $43.4 billion, reflecting positive investor response to the reforms. Despite settling FX backlogs, the reserves are sufficient to cover 11 months of imports.

The CBN has also reduced custom duty rates to make imported goods more affordable.