Naira Gains Ground Against Pound
The naira appreciated against the British pound in the latest round of foreign exchange trading, closing at N1,806 to £1.
The rate reflects improved demand and supply dynamics in the currency market.
The development was recorded in official trading data as the local currency showed signs of recovery against major foreign currencies.
Traders said the movement followed recent efforts by monetary authorities to stabilise the forex market.
Analysts noted that fluctuations remain common, driven by external pressures and domestic liquidity levels.
Despite the gain, market watchers say the naira is still sensitive to global economic shifts.
The Central Bank is expected to continue monitoring the situation as businesses and importers adjust to the new exchange rate.
