The Nigerian naira recorded a strong gain against the British pound on Monday, trading at N1,814/£ in the official foreign exchange market. This is the strongest level the local currency has reached against the pound in July.
The naira has continued to improve against the British pound this year after closing last year at about N1,950/£.
The exchange rate recently returned to the N1,814 level after moving within a narrow range of N1,810/£ to N1,830/£ in the middle of July.
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Analysts say reforms introduced in Nigeria’s foreign exchange market and the Central Bank of Nigeria’s efforts to clear outstanding foreign exchange obligations have helped reduce the gap between the official and parallel markets.
The Central Bank has also maintained a tight monetary policy by keeping interest rates high. This is aimed at reducing inflation and attracting more foreign investment into naira-denominated assets.
In addition, the apex bank’s interventions in
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