See latest exchange rate naira exchange rate against British pound in official market

• The CBN has revealed that the value of the naira improved against the pound in the official foreign exchange market
• Nigerian currency strong performance against the pound comes despite struggles against the dollar
• The rise in Nigeria's foreign reserves offers hope for the naira to perform well in the coming days

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN) revealed that the naira appreciated against the British pound in the official foreign exchange market.

British pound gets stronger as UK economy rebound. Photo credit: Benson Ibeabuchi
Source: Getty Images

In an updated exchange rate on its website, the CBN said the naira exchange rate against the pound closed at N1951.82 /£1 after trading on Wednesday, June 10.

The new exchange rate indicates a 1.66% or 33.11 improvement when compared to Tuesday's rate of N1,984.94/£1.

PAY ATTENTION: Share your outstanding story with our editors! Please reach us through info@corp.legit.ng!

Also, Against the euro, the Nigerian currency appreciated by N30.42 to finish at N1,646.39/€1. on Wednesday, July 10.

This exchange rate adjustments reflects a positive trend for the naira, which had faced prolonged depreciation against major international currencies.

Naira fall to dollar

However it was different story for the naira against the United States dollar.

Legt.ng reported that on Wednesday, July 10, naira fell to its lowest level since March 2024.

According to data from the FMDQ Securities Exchange, the naira crashed in the Nigerian Autonomous Foreign Exchange Market (NAFEM) to N1,561.98/$1.

FX reserves rises

Data from the Central Bank of Nigeria (CBN) shows that Nigeria’s external reserves have reached a new high, exceeding $35 billion.

This is the first time under President Bola Tinubu that Nigeria’s reserves have risen since March 2023.

There is an expectation that with higher reserves, the CBN will have enough to defend the naira from further depreciation.

Two new platforms identified as threats to naira

Earlier, Legit.ng reported that Nigerians identified the emergence of two cryptocurrency platforms as the reason for the recent fall of the naira.

The earlier decline of the naira was attributed to alleged market manipulation by Binance.

Nigerians have blamed the latest depreciation on new crypto exchange platforms, namely BYBIT and BITGET.

Source: Legit.ng