CBN Updates British Pound, Dollar Rate as Naira Crashes After Banks, Others Shut Down for 48 hours

CBN Updates British Pound, Dollar Rate as Naira Crashes After Banks, Others Shut Down for 48 hours

  • The Central Bank of Nigeria has released new data showing that on Wednesday, June 19, the naira fell versus the British pound
  • In relation to the dollar, the naira concluded at N479.31/$, from the N1474.09/$ it closed the trading at the previous week
  • This occurred after the banks and other businesses paused economic activities for 48 hours in observation of the Eid break journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

New data by the Central Bank of Nigeria indicates that the naira lost against the British Pound on Wednesday, June 19.

CBN Updates British Pound
The naira lost N13.57/£ from the N1869.88/£ it last closed last week upon resumption of trade. Photo Credit: CBN
Source: Getty Images

According to data the local currency against the British Pound closed at N1883.45/£. This means it lost N13.57/£ from the N1869.88/£ it last closed last week.

However, the naira closed at N1479.31/$ against the dollar indicating a a flat change from the N1474.09/$ it closed the trade the previous week.

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Currency Dealers, banks and others sell dollars at new rates as turnover rises in official market earlier reported that Nigerian banks, including Access Bank, Zenith Bank, and United Bank for Africa, earlier announced the closure of their branches on Monday, 17, and Tuesday, June 18, 2024.

In a notice sent to customers, the banks explained that the closure is in observance of the public holiday, the 2024 Eid celebration.

Samuel Oyekanmi, a research and insight associate with Norrenberger Financial Group said that the major issue takes us (Nigeria) back to main cause of problem; what is our position when we consider today FX inflows and losses outflows.

He said,

"The only thing for our dear naira will lie in improved location production, increased trade activities, better business environment to encourage FDIs amongst other policies."

New hope for naira

Recall that the Central Bank of Nigeria (CBN) recently announced the injection of a $2.9 billion deposit into a special account.

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Forex traders sell pound, euro at new exchange rate as Naira depreciates

The deposit is aimed at stabilising the foreign exchange market and boosting the value of the naira.

Financial analysts said the naira could see a boost beginning this week, given the federal government's plan to utilise the $2.25 billion World Bank loan granted to Nigeria.

The $2.25 billion loan is primarily intended to help Nigeria implement economic reforms that have led to the biggest cost-of-living crisis in a long time by bolstering revenue.

The first project, expected to receive $1.5 billion, is the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing.

A $750 milerating resource mobilisation lion funding proposal has been made for the second project, NG Accel Reforms Programme-for-Results.

World Bank speaks on supplying dollar to Nigeria reported that according to the World Bank, it can now provide Nigeria's economy with over $15 billion in financial and technical assistance.

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Analysts predict good rate for naira as banks, others resume operations 48 hours after shutting down

The foreign lender made this announcement on Friday in a feature piece titled "Turning the Corner: Nigeria's Ongoing Path of Economic Reforms" on its website.

The bank disclosed that it has made investments in water and sanitation, governance reforms, resilience to climate change, women's economic development, girls' education, and renewable energy and reliable power.


Zainab Iwayemi avatar

Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science ( degree in Sociology from the University of Ilorin, Kwara State. Before, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via