Naira Trades at ₦1,767 per Pound as FX Liquidity Improves

The naira traded at about ₦1,767.14 to the British pound in the official foreign-exchange market on October 6, compared with ₦1,759.83 the previous day. Despite the daily movement, the naira remains stronger against sterling than earlier in the year, when the pound traded above ₦1,900. Improved foreign-exchange inflows, including oil and gas receipts, have helped support market liquidity. The Central Bank of Nigeria’s recent reduction of the Monetary Policy Rate to 23 per cent may also affect demand for naira assets. Analysts will watch crude-oil inflows, FX liquidity, monetary policy and global pound movements for the currency’s next direction.

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