Naira is stuck at ₦2200 per British pound in Nigeria’s parallel market despite global sterling weakening.
The naira continues consolidation at this level, reflecting both domestic stability and cautious investor behavior.
The British pound is facing correction due to UK economic concerns, including fiscal policy debates and market instability.
Nigeria hosts the largest Nigerian diaspora population outside Africa in the United Kingdom, influencing foreign exchange dynamics.
Despite UK-origin currency pressure, naira remains firm, suggesting strong local demand and reserve buffers in Nigeria.
The parallel market rate has not moved significantly even though global pound volatility typically affects naira exchange rates.
ALSO READ
Local analysts attribute the naira’s resilience to selling pressure from exporters and Central Bank interventions in FX corridors.
Nigeria’s balance of payments stability and official FX inflows, especially from remittances and crude exports, support the national currency.
The naira’s positioning against the pound contrasts with its performance versus the US dollar, where it continues to depreciate.
Experts warn sustained macroeconomic reforms are necessary to maintain naira strength amid global volatility.
Monitoring will focus on the UK’s fiscal trajectory and Nigeria’s foreign reserves to see if rate levels hold.
