Naira Strengthens Against British Pound to N1,767/£
The Nigerian naira extended its bullish trend against the British pound, closing at N1,767/£ in the official market on Wednesday. This performance is attributed to Nigeria's strengthening economic fundamentals and the naira's ability to maintain a position below the N1,800/£ resistance level.
Long stop-loss orders against the naira were triggered below N1,800/£, as indicated by bearish GBP/NGN candles on the weekly and daily charts. The currency pair experienced intraday consolidation within the mid-N1,750s/£, influenced by liquidity variations in the Nigerian foreign exchange market and global valuations of the British Pound.
The Central Bank of Nigeria (CBN) is focused on restoring stability in the domestic foreign exchange market by addressing backlogs and tightening monetary policy to control inflation. Additionally, rising crude oil prices have positively impacted the naira's outlook, as Nigeria's foreign exchange earnings are closely linked to global oil price developments.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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