Naira Weakens Versus British Pound, Euro, Brazilian Real
The Nigerian naira showed mixed performance against major currencies across foreign exchange markets amidst Central Bank sustained interventions.
The local currency remained largely stable at the Nigerian foreign exchange market (NFEM), gained three basis points in last week to close at N1,531.57 per dollar at the official window.
The year, the local currency has shed 2 basis points against dollar, and pose to make recovery towards the year end on the back of strength on the nation’s external reserves and intervention.
Data from the authority showed central rate for Euro on Friday was N1788.5963, Yen was quoted at N10.4147, British Pound N2,063.5766, Yuan N214.7063 and US dollar was N1,531.0703
The naira delivered mixed performance against UAE Dirham, Indian Rupee. The local currency traded flat against UAE Dirham, gained 2 basis points last week while gaining 28 basis points against the Indian rupee last week.
Anchoria Limited reported that the naira weakened significantly against other key currencies. British pound gained +0.73% week to date, and it is up +7.84% in eight month.
The euro appreciated by +0.71% against the naira week to date, and is up +12.48% in the first eight months in 2025.
The Chinese yuan surged by +0.75% per naira last week, and has seen +3.02% year to date appreciation against the local currency, and the Brazilian real rose by +0.19%, gaining +14.46% in 8-month.
Brazilian real opened August at N273 but closed the month at N283 as local challenges keep the naira on edge amidst increased trade expectations between the two countries.
The lower naira value against these currencies reflect continued pressure from stronger foreign currencies and underlying domestic economic challenges, Anchoria Limited said in a note.
The investment firm said the current stability in the FX market is expected to continue in the near term, supported by the Central Bank of Nigeria’s ongoing policy adjustments and steady inflows from exporters. #Naira Weakens Versus British Pound, Euro, Brazilian Real#
