Naira Trades at N1,778/£1 as CBN Focuses on FX Stability
The Naira settled at N1,778/£1 against the British Pound during the second trade session of the week in the Nigerian foreign exchange market. Over the past 30 days, the exchange rate has fluctuated between N1,749/£1 and N1,841/£1.
The immediate resistance levels are noted at N1,785/£1 and N1,790/£1, while the current support level is at N1,779.4/£1. A break below this support could indicate short-term resistance.
The Central Bank of Nigeria (CBN) has implemented an aggressive tightening cycle to control inflation and attract foreign portfolio investments in Naira assets. Nigeria's gross reserves stand at $55.1 billion, with net FX estimated at $46 billion.
The CBN aims to clear the FX backlog and meet valid commercial FX demand through the official window. The British Pound has also strengthened against the US Dollar, attributed to higher-than-expected UK Consumer Price Index figures, which have influenced market forecasts for the Bank of England.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
Read full article
Continue on Nairametrics
Get the week in one email
Top stories, NPFL results, the naira, every Friday morning. Free, one email a week.
Related Stories
Naira Strengthens Against British Pound at N1,786/£
Naira Strengthens Against Euro, Trading at N1,497
Naira Gains Against Dollar and Euro, Weakens to Pound
Naira Strengthens 8% Against Major Currencies in Forex Market
Naira Appreciates Slightly to N1,333.50/$ Amid Demand
Naira Strengthens Against British Pound to N1,767/£
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
