The Nigerian naira experienced a further decline in the Foreign Exchange Foreign Market (NFEM), closing at N1,546 to a dollar on Wednesday, March 12, 2025, down from N1,537 the previous day. This drop occurred amidst persistent demand for US dollars and ongoing debates regarding the naira's competitiveness. Experts have urged the Central Bank of Nigeria (CBN) to intervene in the FX market to prevent a potential collapse of the naira, a move that contradicts advice from a UK-based group, Chatham House, which suggests that a weaker naira could benefit the Nigerian economy.
Meanwhile, the exchange rate between the UK Pound (GBP) and the Pakistani Rupee (PKR) reached 366.00 on Wednesday, March 13, 2025. The buying rate for the GBP stood at 362.50, while the selling rate was 366.00 in the open market on Thursday. This rate reflects the interplay of market demand, geopolitical events, and economic indicators, impacting businesses, travelers, and remittance flows between the UK and Pakistan.