The British Pound Sterling maintained a steady position against the Nigerian Naira during trading on March 23 2026, reflecting both global confidence in the United Kingdom currency and improving firmness within Nigeria’s foreign exce environment.
At the Nigerian Foreign Exce Market, the Pound opened at 1807.88 naira and eased slightly to around 1804.50 naira by mid day. This movement aligns with a broader trend seen throughout March where exce rates have remained within a controlled range. The Central Bank of Nigeria continues to play a key role in sustaining this firmness through consistent interventions and a strong external reserve position currently estimated at 50.03 billion dollars.
Throughout the week, the Pound has traded within a narrow band between 1797 and 1810 naira in the official market. Analysts attribute this to the effectiveness of the Electronic Foreign Exce Matching System which has significantly reduced volatility and improved transparency in currency transactions.
In the parallel market, the Pound remains higher, with selling rates ranging from 1895 to 1920 naira and buying rates around 1880 naira in major cities such as Lagos and Abuja. However, the gap between official and unofficial rates has narrowed considerably. This reflects ongoing reforms allowing licensed bureau de ce operators greater access to official supply channels.
Several factors continue to influence the exce rate. Strong wage growth and firm interest rates in the United Kingdom have supported demand for the Pound. Meanwhile, Nigeria’s inflation rate has eased to 15.10 percent, helping the Naira maintain relative strength. Additionally, firm oil prices have boosted foreign exce inflows, reinforcing confidence in the local currency outlook.
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