Naira appreciates against British Pound across markets, gains over N200

The Nigerian currency has gained massively against the pound sterling, recording over N200/£ gain in just one week.

Data collated from the Central Bank of Nigeria showed that the naira closed at N1,772.78/£ on Friday, March 22, against the N2,003.85/£ it ended the previous week, Friday, March 15. This showed a significant N231.07/£ appreciation in one week.

Further analysis showed that the naira closed at N1,880.54/£ on Monday, March 18.

On Tuesday, this was reversed as the naira lost N105 to record N1995.38/£.

On Wednesday, however, the local currency rebounded to appreciate by N192.49/£ and close at N1,792.89/£

The naira against the British pound fell to N1,840.95 on Thursday but recovered on Friday to N1,772.78/£

In the unofficial market similar trend was followed as the local currency closed at N1745/£ as of Friday

The appreciation came at a time when the CBN revealed that it had fulfilled the promise to pay all valid foreign exchange forwards liability.

In a statement, the acting director of corporate communications, Sidi Ali, noted that the Oluyemi Cardoso-led CBN inherited a backlog of $7 billion in claims.

The statement noted that all claims have finally been cleared, easing pressure on the foreign exchange market.

Following this, the Nigerian currency gained in the parallel market on Friday, March 22, 2024.

Similarly, at the Nigerian Foreign Exchange Market (NAFEM), FMDQ data showed that the naira dipped by 3.58% to trade at N1,431 on Friday, March 22, 2024, from the N1,382 per dollar it traded on March 21, 2024.