Naira Strengthens to N1,800/£ as CBN Policies Stabilise Forex Market
The British pound is trading around ₦1,800/£ in Nigeria’s official market, the strongest level for the naira since late February 2026. Over the past few weeks the naira has stayed mostly within a narrow ₦1,800–₦1,850 per pound band, with recent sessions showing range‑bound consolidation as earlier volatility eases. Technical resistance sits at ₦1,840/£, with a stronger ceiling between ₦1,880 and ₦1,900; a break above ₦1,900 would signal renewed sterling strength. Support is seen near ₦1,780/£, reinforced by a floor at approximately ₦1,750/£. The Central Bank of Nigeria continues to inject liquidity, improve price discovery and clear foreign‑exchange backlogs, while high interest rates from both the CBN and the Bank of England create a tug‑of‑war that limits speculative hoarding. Absent major shocks from oil revenue or BoE policy shifts, analysts expect the pair to trade between roughly ₦1,750 and ₦1,860 per pound in the coming weeks.
For Nigerians who pay school fees abroad, import goods, or receive remittances, a stronger naira lowers foreign‑currency costs, but it can squeeze exporters and reduce naira‑denominated earnings from overseas sales. If you need to buy pounds in the near term, consider checking rates daily, using forward contracts or domiciliary accounts to lock in rates, and watching CBN announcements for any liquidity changes that could move the market.