Naira Reaches ₦1,814/£, Its Strongest Rate Against the Pound in July

The naira closed at ₦1,814 to £1 in the official foreign exchange market, its strongest level against the British pound in July. The currency has recovered from about ₦1,950 to £1 recorded late last year. Analysts link the improvement to FX market reforms and the Central Bank of Nigeria’s efforts to clear outstanding foreign-exchange obligations. The pound has recently traded between ₦1,810 and ₦1,830, indicating a period of relative stability after earlier volatility. However, the naira’s outlook will still depend on FX inflows, investor confidence, oil earnings and effective monetary and fiscal policies.

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