Pound Strengthens Against Naira as New Trading Week Opens with Gains

The British Pound Sterling began the trading week on a strong note against the Nigerian Naira, highlighting ongoing fluctuations in global currency markets as investors react to fresh economic signals from the United Kingdom and Nigeria.

At the official window of the Nigerian Foreign Exce Market, the Pound recorded a steady increase on Monday, March 30, 2026. The currency opened at ₦1,824.75 and climbed to around ₦1,834.95 by mid morning, reflecting a 0.56 percent gain within hours of trading.

Market analysts attribute this rise largely to seasonal demand pressures, particularly as businesses increase foreign exce purchases for international transactions toward the end of the first quarter. The ility of the market has been supported by reforms introduced by the Central Bank of Nigeria, including improved transparency and the adoption of the Electronic Foreign Exce Matching System.

In the parallel market, the upward trend was also evident. Across key commercial cities like Lagos and Abuja, the Pound traded between ₦1,910 and ₦1,940 for selling, while buying rates hovered around ₦1,895. Despite the higher rates, the gap between official and informal markets has narrowed compared to previous years, reflecting improved foreign exce supply and reduced speculative activity.

Several economic factors are influencing the Pound to Naira exce rate. The steady monetary policy stance of the Bank of England continues to support the Pound’s global appeal. At the same time, Nigeria’s external reserves remain relatively le, helping to cushion the Naira from sharper depreciation.

Additionally, sustained foreign portfolio investments into Nigeria’s debt market have contributed to overall currency ility, even as the Pound shows short term strength.

Looking ahead, analysts expect the Pound to maintain its current range through the day. Attention will remain on possible interventions by the Central Bank of Nigeria aimed at managing volatility. For individuals planning overseas payments such as tuition or travel, the current relative ility offers a more predictable environment for financial decisions.