The British Pound Sterling continued to gain strength against the Nigerian Naira during early trading hours on Thursday March 12 2026 as currency markets reacted to global economic sentiment and steady domestic demand for the British currency.
According to data from the Nigerian Foreign Exce Market the naira opened trading at around 1867.42 per pound in the official market window. As trading progressed through the early morning session the rate experienced moderate volatility and climbed to a daily high of approximately 1874.21 per pound before settling at about 1870.94 by 6.00 AM West Africa Time.
Analysts say the movement represents a slight increase from the previous day average and reflects a period of consolidation in the currency market. Market turnover has remained steady as the Central Bank of Nigeria continues to operate the willing buyer willing seller exce rate framework.
Currency dealers report that the naira has softened slightly against the pound since the start of March. The exce rate had moved from about 1836.56 per pound at the end of February to the current trading range above 1860. Despite this shift experts note that the transparent price discovery system has helped prevent the sharp fluctuations that were previously common in the foreign exce market.
In the parallel market the pound is currently traded between 1885 and 1898 naira in key commercial cities such as Lagos and Abuja. The gap between the official and informal market rates remains narrow at around 1.2 percent which traders say reflects improved policy coordination.
Several economic factors are influencing the pound naira exce rate including strong foreign reserves which are reported to be above 50 billion dollars and ongoing adjustments in monetary policy. Nigeria interest rates remain relatively high which continues to attract foreign portfolio investors.
Global economic conditions are also contributing to the pound strength as steady economic indicators from the United Kingdom support the value of the British currency. At the same time easing inflation in Nigeria has helped provide a level of ility for the naira.
Market analysts expect the pound to naira exce rate to fluctuate between 1865 and 1875 in the official market during the remaining trading sessions of the week as investors await new trade and economic reports.
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