Naira Trades at N2,061 to Pound Sterling in FX Market
The Nigerian naira plunged deeply against the British pound sterling in the official window, according to data from the Central Bank. The local currency saw market wide depreciation last week, despite additional FX sales to authorised dealer banks.
The apex bank recently lauded the narrow spread in the foreign exchange market, saying the price discovery has successfully curbed arbitrage and speculation.
Other foreign currencies also swung as the naira lost ground against major primary market currency amidst liquidity challenges. In the parallel market, sterling was sold above N2,100 with currency traders adjusting rate based on denomination of the British currency, according to channel check conducted by MarketForces Africa.
The market expects the pound to remain stronger against the naira as Nigerians appetites for education and other spending in London continue to rise. #Naira Trades at N2,061 to Pound Sterling in FX Market Oando Hits 12-Month High after Maltese Blending Facility Rebuttal
