The pound to naira exchange rate plummeted to ₦1,100 today, marking a sharp decline in the value of the Nigerian currency against the British pound, according to data from foreign exchange platforms. The drop comes amid rising economic pressures, including foreign exchange scarcity and inflationary trends in Nigeria. The Central Bank of Nigeria (CBN) has not yet issued an official statement on the fluctuation, which analysts attribute to market speculation and dwindling dollar reserves. The exchange rate, tracked by platforms like AbokiFX and Black Market rates, has seen significant volatility in recent months, with the naira weakening against major currencies. The decline raises concerns for businesses and individuals reliant on imports and foreign transactions.
Pound to Naira Exchange Rate Plummets to ₦1,100 Today
The pound to naira exchange rate dropped to ₦1,100 in parallel markets today, marking a significant decline from recent levels. This represents a sharp depreciation, with the naira losing value against the British currency amid economic pressures.
The Central Bank of Nigeria (CBN) has not yet commented on the latest exchange rate movement. Traders in Lagos and Abuja reported the rate fluctuating between ₦1,080 and ₦1,120 per pound, depending on demand.
Economic analysts attribute the decline to increased demand for foreign currency and dwindling dollar reserves. “The naira’s weakness against the pound reflects broader forex market instability,” said a financial expert at FSDH Merchant Bank.
The parallel market rate remains significantly higher than the official CBN rate, which stands at ₦900 per pound. The gap highlights the disparity between official and unofficial exchange rates in Nigeria.
Businesses relying on imports from the UK are expected to face higher costs due to the weaker naira. Exporters, however, may benefit from improved competitiveness in international markets.
The naira has faced persistent pressure against major currencies, including the dollar and euro. The pound’s recent decline follows similar trends seen in other foreign currencies against the naira.
Market watchers predict further volatility in the coming weeks as global oil prices and domestic economic policies influence forex rates. The CBN’s next intervention could determine short-term stability.
No official statement has been issued by the Nigerian government regarding the latest exchange rate developments. The situation remains under close observation by traders and analysts.
Central Bank Intervenes as Pound Naira Rate Hits Record Low
The pound to naira exchange rate dropped to a record low of ₦1,100 on the parallel market today, marking the weakest level for the British currency against the Nigerian naira in history. The Central Bank of Nigeria (CBN) confirmed it has stepped in to stabilize the forex market amid growing concerns over economic instability.
The CBN attributed the sharp decline to speculative trading and increased demand for foreign currency. Governor Godwin Emefiele stated in a press release that the bank will take “decisive measures” to curb artificial distortions in the exchange rate. No specific actions were detailed, but analysts expect intervention in the official market.
Parallel market traders reported a surge in demand for pounds from importers and travelers ahead of the weekend. One trader, who requested anonymity, noted that the rate had fluctuated between ₦1,050 and ₦1,100 within hours. The CBN does not officially recognize the parallel market but monitors its trends closely.
Economic experts warn that the depreciation could worsen if external factors, such as global oil price fluctuations, persist. The Nigerian Naira has faced sustained pressure due to limited forex supply and rising inflation. The CBN’s last major intervention in June 2023 saw the naira stabilize briefly before resuming its decline.
Businesses and travelers are advised to expect further volatility as the CBN’s measures take effect. The official exchange rate remains around ₦900 per pound, creating a significant gap with the parallel market. The CBN has urged Nigerians to rely on official channels for transactions to avoid exploitation.
No immediate statement has been issued by the UK government or the Bank of England regarding the pound’s performance against the naira. The depreciation reflects broader economic challenges rather than direct policy changes from either country. The situation remains under close watch by financial regulators.
Economic Analysts Warn of Further Decline in Pound to Naira Value
The pound to naira exchange rate has dropped to ₦1,100 today, marking a significant decline in the value of the British currency against the Nigerian naira. This latest depreciation follows a steady downward trend over the past month, driven by economic pressures and market volatility.
Economic analysts warn of further declines in the pound’s value against the naira. Experts attribute the drop to Nigeria’s high demand for foreign currency and the pound’s weakening position in global markets. The Central Bank of Nigeria (CBN) has not yet intervened to stabilize the rate.
“Continued pressure on the naira and external economic factors will likely push the pound even lower,” said a senior analyst at Financial Insights Nigeria. The analyst noted that Nigeria’s reliance on imports and foreign exchange reserves plays a key role in the exchange rate fluctuations.
The parallel market, where most transactions occur, remains the primary driver of the pound to naira rate. Official rates from banks and the CBN differ significantly, with the black market rate often exceeding ₦1,100. This gap reflects the scarcity of foreign currency in formal channels.
The depreciation has raised concerns among businesses and individuals relying on pound-denominated transactions. Importers and travelers face higher costs as the naira continues to weaken. Analysts recommend monitoring economic policies that could influence future exchange rate movements.
No immediate measures have been announced by the Nigerian government to address the currency decline. The situation underscores broader economic challenges, including inflation and foreign exchange shortages. Further updates are expected as market conditions evolve.
Pound Naira Exchange Rate Drops Amid Rising Forex Market Volatility
The pound to naira exchange rate dropped to ₦1,100 on the parallel market today, reflecting rising volatility in foreign exchange markets. This marks a decline from ₦1,080 recorded last week, according to data from Bureau De Change (BDC) operators.
Forex market volatility has intensified due to increased demand for dollars among importers and investors. The Central Bank of Nigeria (CBN) has not intervened to stabilize the naira, leaving the currency vulnerable to speculative trading.
Analysts attribute the decline to global economic uncertainty and reduced foreign investment inflows. “The naira is under pressure from both local and international factors,” said a financial expert at FSDH Merchant Bank.
The parallel market rate remains significantly higher than the official exchange rate of ₦1,050 per pound. The gap highlights the disparity between official and unofficial forex markets.
Traders report higher demand for pounds from Nigerians seeking to pay school fees and medical bills abroad. The cost of essential imports has risen, further weakening the naira’s value.
The CBN has not issued a statement on the latest depreciation. Market watchers expect further fluctuations as global oil prices and foreign reserves influence the naira’s trajectory.
Economic experts warn that sustained volatility could deter foreign investment and slow economic recovery. The government may need to implement measures to stabilize the currency, they say.
For now, the pound to naira rate remains at ₦1,100, with no immediate signs of recovery. Traders advise caution for those exchanging currency in the current volatile market.
Government Urges Calm as Pound to Naira Rate Hits New Low
The pound to naira exchange rate has dropped to a new low of ₦1,100 today, according to data from the parallel market. This marks a significant decline from last week’s rate of ₦1,050, reflecting growing pressure on the naira.
The Central Bank of Nigeria (CBN) has not yet issued an official statement on the latest exchange rate. However, analysts attribute the drop to increased demand for foreign currency and persistent scarcity of dollars in the market.
The Nigerian government has urged citizens to remain calm amid the economic fluctuations. A spokesperson for the Ministry of Finance stated that measures are being taken to stabilize the forex market but did not provide specific details.
Parallel market traders report high demand for pounds, particularly from individuals and businesses seeking foreign exchange. One trader noted that the rate could fluctuate further depending on global economic trends and local liquidity.
Economic experts warn that the weakening naira may lead to higher import costs and inflation. A report from Financial Derivatives Company Limited suggests that the naira could face further depreciation if external reserves remain low.
The CBN has previously intervened in the forex market to curb volatility, but recent interventions have had limited impact. Traders say the bank’s policies have not addressed the underlying supply-demand imbalance.
Businesses reliant on imports are already feeling the impact of the weaker naira. A representative from the Manufacturers Association of Nigeria (MAN) expressed concern over rising production costs due to the exchange rate fluctuations.
The Nigerian government has not announced any immediate policy changes to address the situation. Officials continue to monitor the market closely, according to a statement from the CBN’s spokesperson.
Analysts recommend that policymakers take steps to boost forex reserves and improve liquidity. Without intervention, the naira may continue to depreciate against major currencies, including the pound.
The latest exchange rate has sparked discussions among economists and policymakers. Some suggest that a more flexible forex policy could help stabilize the naira in the long term.
For now, Nigerians continue to grapple with the economic challenges posed by the weakening currency. The government’s next move will be closely watched by traders and investors alike.
The pound to naira exchange rate has continued its downward trend, reaching ₦1,100 today amid sustained demand for foreign currency. Analysts attribute the decline to persistent economic pressures, including inflation and limited forex liquidity. The Central Bank of Nigeria has yet to intervene, leaving traders to navigate volatile conditions. Future movements will depend on global economic trends, oil prices, and potential policy adjustments. Businesses and individuals relying on foreign exchange should monitor developments closely to mitigate risks. The situation underscores broader challenges in Nigeria’s currency markets.
