The British Pound traded around N1,935–N1,950 during mid-week, pressured by increased holiday demand for foreign currency, according to CBN data. The official rate closed at N1,931/£1 after intraday movements between N1,924 and N1,933, while parallel-market rates hovered near N1,950 due to higher retail demand and limited liquidity. Analysts say seasonal factors may push the pair toward N1,950–N1,975/£ by month-end.
Forecasts suggest the pound could average N1,949–N2,021/£ in coming weeks, especially if FX inflows remain weak. Despite current pressures, Nigeria’s long-term outlook improved in 2024 as exports rose from N36 trillion to N77.4 trillion, with notable gains in cocoa and mineral shipments. Meanwhile, the pound remains supported by a favorable UK budget and monetary policy expectations, though upcoming BoE and Fed decisions could trigger volatility.