Naira Surges Against British Pound, Makes Over N200 Gain in a Week

The Nigerian currency has witnessed a remarkable surge against the British pound, marking an impressive gain of over N200/£ within just one week, as per data from the Central Bank of Nigeria (CBN).

The naira closed at N1,772.78/£ on Friday, March 22, compared to N2,003.85/£ the previous week, indicating a substantial appreciation of N231.07/£.

This surge coincided with the resolution of outstanding FX payment backlog by the CBN, which inherited a backlog of $7 billion claims.

The clearance of these claims, as confirmed by the acting director of corporate communications, Sidi Ali, alleviated pressure on the foreign exchange market.

Consequently, the naira experienced gains in both official and parallel markets.

Additionally, Nigerian banks have announced new requirements for customers seeking foreign exchange, mandating the provision of a three-year Tax Clearance Certificate (TCC) starting April 1, 2024, to purchase dollars, ensuring compliance with tax obligations.