The naira traded at the lower end of its range against the British pound sterling, edging lower ahead of a Bank of England (BoE) interest rate decision as traders project that the British apex bank will likely hold rates steady but possibly release a dovish statement.
A relaxed outlook, prompted by declining UK inflation and unimpressive economic data, has contributed to the pound’s 1.5% decline versus the US dollar this year. Investors now anticipate that the BoE will lower rates earlier and more quickly than the Federal Reserve when it makes its most recent announcement on rates on Thursday.
The Naira’s declining fortunes continued with further depreciation against major currencies in both the Nigerian official and parallel markets, partly due to intensified speculation, hoarding, and late disbursement of FX to BDC operators
The naira traded at the lower end of its range against the British pound sterling, edging lower ahead of a Bank of England (BoE) interest rate decision as traders project that the British apex bank will likely hold rates steady but possibly release a dovish statement.
A relaxed outlook, prompted by declining UK inflation and unimpressive economic data, has contributed to the pound’s 1.5% decline versus the US dollar this year. Investors now anticipate that the BoE will lower rates earlier and more quickly than the Federal Reserve when it makes its most recent announcement on rates on Thursday.
The Naira’s declining fortunes continued with further depreciation against major currencies in both the Nigerian official and parallel markets, partly due to intensified speculation, hoarding, and late disbursement of FX to BDC operators
