Naira breaks N1,800/£ barrier, trades at N1,788 as CBN policy lifts forex supply

The naira broke below the N1,800/£ psychological barrier, trading around N1,788 per pound after the Central Bank of Nigeria raised interest rates and promoted high-yield instruments like Treasury Bills and PMAs. These moves attracted foreign capital, boosted Nigeria's external reserves, and increased the supply of foreign currencies in the market, easing demand pressure on the pound.

A stronger naira means lower costs for Nigerians who pay in pounds-for school fees abroad, travel, imported goods, or remittances. It can also ease inflationary pressures on pound-priced products and improve purchasing power for those with foreign-currency obligations.

If you need to buy pounds for tuition, travel or business, consider acting now while the naira is strong, or set a target rate for future purchases. Keep an eye on CBN policy signals, oil price trends, and any shifts in Bank of England rates or UK economic data that could reverse the gain. Will you time your pound transactions to take advantage of the current naira strength, or wait for possible further appreciation?

SOURCE: https://nairametrics.com/2026/09/09/naira-strengthens-against-british-pound-sterling-hits-n1788/