The naira traded near ₦1,808.30 to the British pound in Nigeria’s official foreign-exchange market, according to a November 12 report by Nairametrics. The figure followed several changes during the opening weeks of November, including a level of about ₦1,802.21 at the start of the month and a peak near ₦1,814.44 on November 4. The report distinguished the official Nigerian Foreign Exchange Market rate from quotations in the parallel market. Sterling was being exchanged at approximately ₦1,870 to ₦1,900 outside the official window, although actual prices varied by location and transaction size. This gap meant that buyers of pounds could face considerably higher costs depending on where they obtained foreign currency. Nairametrics linked the broader outlook to domestic monetary policy, demand for foreign exchange, Nigeria’s external reserves and international developments affecting the pound and US dollar. It reported net external reserves of roughly $55.3 billion and noted that the Central Bank of Nigeria’s next monetary-policy meeting was scheduled for November 24. The currency movements matter to Nigerians paying overseas tuition, purchasing imports, travelling abroad or receiving payments denominated in sterling. The published rates describe particular market conditions and should not be treated as guaranteed rates available to every customer. What do you think about this news? Which reported details matter most to you? Source: https://nairametrics.com/2026/11/12/naira-holds-firm-against-british-pound-at-n1808/ Automated editorial post