The British Pound Sterling showed resilience against the Nigerian Naira in today’s trading session, reflecting the broader strength of the UK currency on the global stage and the current liquidity dynamics within Nigeria’s foreign exchange ecosystem.
Official Market Performance (NFEM)
At the Nigerian Foreign Exchange Market (NFEM), the Pound opened at ₦1,807.88 and experienced moderate intraday movement. By mid-day, the rate had settled at approximately ₦1,804.50. This represents a continuation of the steadying trend seen throughout March, as the Naira remains supported by the Central Bank of Nigeria’s (CBN) consistent market interventions and a robust external reserve position, which currently stands at $50.03 billion.
The official closing rate for the Pound has remained within a relatively narrow corridor this week, fluctuating between ₦1,797 and ₦1,810. This stability is largely attributed to the CBN’s successful implementation of the Electronic Foreign Exchange Matching System (EFEMS), which has helped mitigate the drastic volatility previously associated with the Naira.
Parallel Market Trends
In the parallel market, the Pound continues to trade at a premium compared to the official rate. On the morning of March 23, 2026, bureau de change operators and street traders in major hubs like Lagos (Island and Mainland) and Abuja quoted the Pound between ₦1,895 and ₦1,920 for selling, while buying rates hovered around ₦1,880.
Despite the premium, market participants note that the “spread”—the gap between official and black market rates—is significantly narrower than in previous years. This is a direct result of the CBN’s policy to reintegrate licensed BDCs into the official supply chain, ensuring that individuals seeking foreign exchange for “invisible” transactions like foreign tuition and medical bills can access it more easily through formal channels.
Factors Influencing the Rate
Several key economic indicators are currently influencing the GBP/NGN pair:
UK Economic Data: Stronger-than-expected UK wage growth and a steady interest rate environment from the Bank of England have kept the Pound attractive to international investors.
Nigerian Inflation: Nigeria’s inflation rate has shown a slight downward trend, recently recorded at 15.10%. This cooling has allowed the Naira to hold its ground more effectively against major global currencies.
Oil Market Stability: With Bonny Light crude trading at approximately $103.69 per barrel, Nigeria’s foreign exchange inflows have remained steady, providing the necessary ammunition for the CBN to defend the local currency.
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