The Nigerian naira maintained a relatively stable position against the British pound at the opening of the midweek foreign exchange session, trading at about ₦1,827 to £1 in the official market as recent monetary measures continued to support exchange rate stability.
Market data indicated that the pound-naira exchange rate has been moving within a narrow range in recent sessions, reflecting reduced volatility in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Analysts attribute the trend to periodic foreign exchange interventions by the Central Bank of Nigeria (CBN), aimed at easing market pressures and improving liquidity.
The CBN’s strategy of injecting foreign exchange into the interbank market, alongside attractive yields on Open Market Operation (OMO) bills and Nigerian Treasury Bills, has helped strengthen investor confidence and support the naira against major international currencies, including the British pound.
Despite the current stability, analysts noted that persistent domestic inflation, particularly in food and energy prices, continues to weigh on real returns and could exert upward pressure on exchange rates over the medium term.
Technical market indicators suggest immediate resistance for the pound-naira pair lies around ₦1,845–₦1,850 per pound, while support is expected between ₦1,815 and ₦1,825, with stronger support around the ₦1,780–₦1,800 range.
In the international market, the British pound weakened slightly against the U.S. dollar amid heightened geopolitical tensions and investor demand for safe-haven assets. Market participants are also closely watching the release of the U.S. Federal Reserve’s meeting minutes, which could influence global currency movements in the coming days.
