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CBN Gives New Exchange Rates As Naira Bounces Back Against British Pound
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CBN Gives New Exchange Rates As Naira Bounces Back Against British Pound

by  Dave Ibemere 2 min read
  • The CBN has revealed that the value of the naira improved against the pound in the official foreign exchange market
  • The Nigerian currency’s strong performance against the pound comes despite struggles against the dollar
  • The rise in Nigeria’s foreign reserves offers hope for the naira to perform well in the coming days

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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN) revealed that the naira appreciated against the British pound in the official foreign exchange market.

British pound value gets stronger to naira
British pound gets stronger as UK economy rebounds. Photo credit: Benson Ibeabuchi
Source: Getty Images

In an updated exchange rate on its website, the CBN said the naira exchange rate against the pound closed at N1951.82 /£1 after trading on Wednesday, June 10.

Read also

CBN updates pound, euro new exchange rates as naira hit new low against dollar

The new exchange rate indicates a 1.66% or 33.11 improvement when compared to Tuesday’s rate of N1,984.94/£1.

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Also, against the euro, the Nigerian currency appreciated by N30.42 to finish at N1,646.39/€1. on Wednesday, July 10.

These exchange rate adjustments reflect a positive trend for the naira, which had faced prolonged depreciation against major international currencies.

Naira falls to dollar

However, it was a different story for the naira against the United States dollar.

Legt.ng reported that on Wednesday, July 10, the naira fell to its lowest level since March 2024.

According to data from the FMDQ Securities Exchange, the naira crashed in the Nigerian Autonomous Foreign Exchange Market (NAFEM) to N1,561.98/$1.

FX reserves rise

Data from CBN shows that external reserves have reached a new high, exceeding $35 billion.

Read also

N1,600/$1: New exchange rate as Naira crashes against US dollar

This is the first time under President Bola Tinubu that Nigeria’s reserves have risen since March 2023.

There is an expectation that with higher reserves, the CBN will have enough to defend the naira from further depreciation.

New platforms identified as threats to naira

Earlier, Legit.ng reported that Nigerians identified the emergence of two cryptocurrency platforms as the reason for the recent fall of the naira.

The earlier decline of the naira was attributed to alleged market manipulation by Binance.

Nigerians have blamed the latest depreciation on new crypto exchange platforms, namely BYBIT and BITGET.

Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.

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Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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