The naira closed at N2,205/£ in the informal market, maintaining stability despite pressure from a resilient British pound.
The naira settled at N2,205/£ against the British pound sterling on the informal market on Sunday, trading within the N2,000–N2,400 band.
The performance reflected sustained offshore demand for sterling amid global volatility, with traders noting the currency’s direction remains tied to foreign capital sentiment.
At the official window, the naira closed at N2,110/£1, slipping from N2,095/£1 in the last session. Intraday figures from the Nigerian Foreign Exchange Market showed fluctuations between N1,529.75/$1 and N1,535/$1. The pound’s strength followed the Bank of England’s fifth rate cut this year, which spurred a breakout in GBP/NGN trades.
Analysts say market confidence in August reflects steady policy support, aided by President Tinubu’s reforms, which eased import costs and harmonized exchange rates.
Business leader Abdul Samad Rabiu said the policies “leveled the playing field” for traders. Meanwhile, the CBN reaffirmed the naira’s advanced security features, urging vigilance against counterfeiting.