Naira Strengthens to ₦1,823/£ as CBN Manages FX Liquidity

The naira climbed to ₦1,823 per pound on Friday, June 5, 2026, up from around ₦1,845 at the start of the month. The Central Bank of Nigeria held its Monetary Policy Rate at 26.5% and Cash Reserve Ratio at 45% to curb excess liquidity. Nigeria’s roughly $50 billion foreign reserves and oil trading near $100 per barrel have also supported the local currency. Despite official gains, demand from manufacturers and importers remains strong. The official rate hovers around ₦1,810–₦1,815, while the parallel market still trades above ₦1,850 per pound. Analysts say global energy prices, US interest-rate expectations, and Middle East tensions will continue to influence the naira’s path.

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