Naira Holds Below N1,800/£ as CBN Policy and Oil Prices Boost Strength

The naira held firm below the N1,800/£ resistance level, settling at N1,767/£ against the British pound in the official market on Wednesday. Long stop-loss orders against the naira were triggered below N1,800/£, shown by bearish GBP/NGN candles on weekly and daily charts, while the pair consolidated in the mid-N1,750s/£ range. The movement reflects liquidity shifts in Nigeria’s FX market, global pound valuation, the CBN’s tightened monetary policy to control inflation, and higher crude oil prices that boost foreign exchange earnings.

This strengthening matters because a stronger naira lowers the cost of imported goods, easing pressure on inflation and household budgets. It also signals that the CBN’s efforts to clear FX backlogs and manage liquidity are having an effect, and that Nigeria’s oil‑linked forex inflows are responding to rising oil prices. Businesses that rely on imports may see reduced expenses, while consumers could benefit from more stable prices for items like electronics, fuel, and medicines.

Oil prices climbed above $100 per barrel after escalated attacks on tankers in the Strait of Hormuz, and US Treasury yields surged to multi‑decade highs, pulling the dollar back against the pound. If oil stays elevated, the naira may continue to gain, but any reversal in oil prices or FX liquidity could quickly erase these gains.

With the naira trading stronger, will you adjust your import pricing or procurement plans, consider foreign travel or online purchases now, or hold off on buying foreign currency until you see if the trend holds?

SOURCE: https://nairametrics.com/2026/10/08/naira-extends-bullish-streak-against-british-pound-at-n1767/