Pound Trades Steady Against Naira Amid Improved FX Liquidity

The Pound Sterling maintained its strength against the Naira on March 23, 2026, as improved liquidity and policy measures continued to stabilise Nigeria’s foreign exchange market.

Official Market Performance

At the Nigerian Foreign Exchange Market, the Pound opened trading at ₦1,807.88 and eased slightly to about ₦1,804.50 by mid-day.

The rate has remained relatively stable this week, moving within a ₦1,797 to ₦1,810 range. This consistency is largely credited to the Central Bank of Nigeria’s reforms, including the EFEMS platform, as well as strong external reserves of $50.03 billion.

Parallel Market Activity

In the black market, the Pound continued to command a premium, selling between ₦1,895 and ₦1,920, with buying rates around ₦1,880 in major cities like Lagos and Abuja.

However, traders note that the spread between official and parallel rates has reduced compared to previous years, following efforts to channel forex demand through formal systems.

Market Influences

Key factors affecting the exchange rate include:

• UK economic strength: Positive wage data and steady monetary policy have boosted investor confidence in the Pound.
• Lower inflation in Nigeria: The easing rate of 15.10% has helped stabilise the Naira.
• Oil revenue: With Bonny Light crude trading near $103.69 per barrel, Nigeria continues to benefit from steady forex inflows.

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