Naira wins against British pound as CBN sells currency for new rates

• June 2024 ended on Friday, June 28, with the British Pound closing at N1,858.47 per British Pound
• Compared to the previous close at £1,916.51 per British Pound, this represents a considerable increase
• This comes amid a report that the Nigerian naira was the lowest performance globally in the first half of 2024

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The British Pound closed at N1,858.47 per British Pound on Friday, 28, to round up the month of June 2024.

The naira emerged as the worst-performing currency in the world in the first half of 2024. Photo Credit: CBN
Source: UGC

This is a significant rise from the previous close of £1,916.51 per British Pound on Thursday, 27.

Legit.ng analysed CBN data and found that the amount represents N162 per British Pound in one month. Compared to May, the local currency sold for N1696.33 per British Pound on the 28th day.

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Although the naira started the month low, at N1879.26 to the British Pound at the beginning of the month, the Nigerian currency steadied during the month, trading within the N1800 to N1,900 per British Pound territory.

However, in the last week of the month, the naira crossed N1,900 per British Pound but settled at N1858.46 per British Pound on the last trading day.

The data, however, showed that the naira, compared to the dollar, closed at N1470.19 to the dollar shortly after crossing N1,500 per dollar both in the official and black markets.

Meanwhile, Legit.ng reported that the Nigerian naira emerged as the worst-performing currency in the world in the first half of 2024.

A report by Bloomberg on Friday, June 28, 2024, said devaluation, insufficient dollar liquidity, and market volatility have halted the Central Bank of Nigeria (CBN)'s efforts to boost the Nigerian currency.

Apart from the naira, Egypt's pound and Ghana's cedi were rated as the worst performers in the year's first six months.

CBN slashes customs FX rates

Legit.ng reported that the Central Bank of Nigeria (CBN) has adjusted Nigeria Customs FX rates for cargo clearance in Nigeria’s ports.

Checks on the Customs trade portal show that the apex bank slashed the price from N1,505 to N1,470,191 to dollar.

This development means that importers will pay less to clear cargo from Nigeria’s ports, effective from the time the change was made.

Source: Legit.ng