The Nigerian naira is slowly regaining strength against the British pound, trading near ₦1,948–₦1,950.
Earlier devaluation shook confidence; however, government interventions and steady foreign inflows are helping the currency recover.
Nigerian Naira Gains Momentum
Meanwhile, rates in the parallel market remain above ₦2,000, reflecting persistent demand pressures and liquidity challenges.
Fortunately, the Central Bank’s efforts to unify rates and curb black-market activity are narrowing the gap.
Global Factors At Play
Moreover, revenue from the Dangote Refinery and annual $20 billion remittances are supporting the naira steadily.
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At the same time, domestic reforms gradually boost market confidence and stabilise the economy.
Globally, U.S.–China trade talks and a stronger dollar continue to influence Nigeria’s financial landscape.
Additionally, the Federal Reserve’s potential rate cuts amid easing inflation could shift international currency flows.
However, the U.S. government shutdown, now in its 24th day, adds uncertainty for markets worldwide.
Despite these challenges, the naira’s steady recovery signals cautious optimism and growing economic resilience.
Overall, the currency’s gains highlight Nigeria’s economic potential and the positive impact of reforms and inflows.
