Naira steadies at N1,850/£1 as CBN holds MPR at 26.5% amid forex pressure

The Nigerian naira held steady against the British pound at N1,850 per £1 according to CBN data, while the official NAFEM window traded the dollar between N1,350 and N1,370. In the unofficial market, the pound fetched N1,900 to buy and N1,925 to sell, reflecting strong demand for foreign currency for school fees, medical trips, and trade. Year‑to‑date, the naira has gained about 6.6% versus sterling, having opened at N1,948.9/£1 and peaking near N1,814/£1 in April. The apex bank kept the monetary policy rate at 26.5%, maintaining tight liquidity to support the currency. Higher crude output, rising energy prices, and steady diaspora remittances have boosted gross foreign reserves, giving the CBN room to intervene and clear FX backlogs. These factors keep the naira relatively stable despite pressure on the unofficial market.

For Nigerians, the official rate offers a benchmark for budgeting, but the steep unofficial premium means importers and travelers pay significantly more when sourcing pounds outside the banking system. The persistently high MPR keeps borrowing costs elevated for businesses and consumers, affecting loan affordability. While reserves provide a buffer, any dip in oil prices or remittance inflows could tighten supply and widen the gap between official and parallel rates.

Will you rely on the official rate for foreign payments, seek dollars or pounds through bureau de change despite the premium, or adjust timing of overseas expenses to mitigate cost?

SOURCE: https://nairametrics.com/2026/06/16/naira-holds-firm-against-british-pound-sells-for-n1850-1/