Naira Rises As Pound Sterling Crashes Against Major Currencies

Britain’s battered pound fell to its lowest level against the U.S. dollar since 1985 on Wednesday, falling against many international currencies and including even the non-convertible naira.

The bounce of the naira against the pound is promising for many Nigerians yet to pay their school fees in the United Kingdom and other pound charging institutions across the world.

Sterling has been hit hard by surging inflation, a looming recession and concerns that tax cuts and increased public spending under a new government could exacerbate price pressures Reuters reported on Wednesday.

The pound was down more than 15% against the dollar so far this year. The worry for the Bank of England is that it would increase the cost of imports including imported raw materials and lead to inflation.

Reuters reported that the British pound on the first full day of Prime Minister Liz Truss day in office fell to as low as $1.1407, its lowest since 1985.

However, GWG reports that the pounding of the British currency also continued in Lagos where it sold for 488.333 down from the more than 500 naira it sold for most of August.

GWG reports that it is an unlucky slip for many Nigerians who had to pay school fees for their kids in Britain ahead of September resumption.

However, while the British pound fell against the naira and the dollar and many major currencies, the converse was the same for the naira against the dollar which slipped at the official CBN rate to 427.43 to the dollar, down from the 426.61 it traded on Tuesday, September 6.

At the Investors and Exporters window, the rate at which it is officially available to most genuine traders in Nigeria, the naira also fell against the dollar, exchanging at N436.50 against N436.00 on Tuesday, representing 0.11 per cent depreciation.

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