Naira gains over N200/£ in 24hrs as banks, others sell pound at new rate

The naira has gained heavily against the British pound in just a day after the continued loss it saw last week.

The Nigerian currency rebounded on Thursday, April 25th, to close at N1,453.07/£.

The newest data provided by the Central Bank of Nigeria (CBN) revealed that the naira rebounded on Thursday, April 25 to close at N1,453.07/£.

This depicted a N202/£ appreciation compared to the N1,655.20/£, which it closed the day before, Wednesday, April 24.

The data showed that the local currency had started the week with a losing streak but rebounded on Thursday.

On Monday, the naira closed at N1,542.32/£ and declined by Tuesday and Wednesday to N1,590.25/£ and N1,655.20/£ but reversed the position on the fourth trading day.

Olayemi Cardoso, governor of the CBN, stated that the major factors contributing to the nation's demand for foreign cash are medical tourism and the increasing number of Nigerians studying abroad.

In a speech to the House of Representatives, Cardoso revealed that, in the ten years between 2010 and 2020, Nigerians spent more than $40 billion on healthcare and education abroad, BusinessDay reported.

He stated: "It's important to note the growing number of Nigerian students studying abroad when examining the demand side of the exchange rate."

BEB