Naira exchange value against the Pound as of March 12, 2026

The British Pound has sustained its upward trajectory against the Nigerian Naira in early trading on Thursday, March 12, 2026, driven by shifting global sentiments and consistent domestic demand for the Sterling, as indicated by data from the Nigerian Foreign Exchange Market and informal trading channels.

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The Naira commenced trading at approximately 1,867.42 per Pound in the official NFEM window, experiencing moderate volatility as the morning progressed, with the rate peaking at 1,874.21 before stabilizing at 1,870.94 by 6:00 AM WAT.

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This marginal fluctuation represents a 0.02% increase from the previous day's average, signaling a period of consolidation at these higher levels, amidst consistent market turnover and the Central Bank of Nigeria's continued "willing-buyer-willing-seller" approach.

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Authorized dealers have observed that while the Naira has softened slightly against the Pound over the first two weeks of March, rising from 1,836.56 at the end of February, the transparency of the price discovery mechanism has prevented erratic "gapping" seen in previous fiscal years.

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In the parallel market, the Pound Sterling is being exchanged at rates ranging between 1,885 and 1,898 per Pound, closely mirroring the official window, with the spread between the two windows estimated at approximately 1.2%.

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Traders in major financial hubs like Lagos and Abuja note that demand for the Pound remains seasonal, driven by international school fees and service sector remittances, but the consistent supply to Bureau De Change operators has managed retail expectations, keeping the informal market premium at historically low levels.

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Several key economic drivers are influencing the NGN/GBP pair, including the strength of Nigeria's external reserves, which have reached over 50.45 billion dollars, providing a cushion for the CBN to maintain stability and manage liquidity within the NFEM.

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The reduction of the Monetary Policy Rate to 26.50% last month has led to an adjustment in the market, which is currently navigating a high-yield environment that continues to attract portfolio investment despite the minor rate cut.

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The British Pound has remained firm against a basket of currencies due to steady economic data from the UK, contributing to its relative strength against the Naira during this trading cycle, while domestic inflation has cooled to 15.10%, providing a floor for the currency.

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Market analysts anticipate the Pound to Naira rate will fluctuate within the 1,865 to 1,875 range in the official window for the remainder of the week, as the market looks forward to mid-month trade balance reports.