Naira exchange value against the Pound as of March 9, 2026

The British Pound commenced the second full week of March 2026 on a strong note, gaining ground against the Nigerian Naira on Monday, March 9, 2026, as evidenced by real-time data from the Nigerian Foreign Exchange Market and informal trading channels.

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This upward trend is largely attributed to increased global demand for safe-haven assets and a seasonal surge in international remittance needs, which has put pressure on the local currency.

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In the official market, the Naira started the day at 1,846.10 per Pound, with the rate experiencing moderate fluctuations throughout the morning, reaching a high of 1,852.28 before climbing further to 1,856.06 by 6:00 AM WAT.

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This translates to a 1.62% intraday depreciation for the Naira from the start of the session, highlighting the currency's vulnerability to external factors.

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Market liquidity remains a key concern for authorized dealers, who note that the Central Bank of Nigeria's support for a “willing-buyer-willing-seller” model, coupled with the recent 50-basis-point cut in the Monetary Policy Rate to 26.5%, has led to a minor adjustment in currency values.

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The official mean rate for the day is currently hovering around 1,851.40, as the market seeks to balance corporate demand with steady supply, indicating a degree of stability in the foreign exchange market.

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In the parallel market, the Naira is trading within a range of 1,865 to 1,880 per Pound, maintaining a consistent premium over the official rate, with the spread between the two windows remaining historically narrow at approximately 1.3%.

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Traders in major cities like Lagos and Abuja report that, despite the slight weakening of the Naira, there is no evidence of panic-buying, which is attributed to the ongoing supply of foreign exchange to Bureau De Change operators that has effectively absorbed excess retail demand.

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Several key factors are influencing the Pound-to-Naira exchange rate, including global risk-off sentiment, driven by rising geopolitical tensions in the Middle East, which has strengthened major currencies like the Pound and the Dollar against emerging market currencies.

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Nigeria's external reserves, currently standing near a multi-year high of 50.45 billion dollars, provide a significant buffer against liquidity shocks, while the disinflationary trend, with headline inflation slowing to 15.10% in January, has helped to maintain the real value of the Naira.

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The energy sector has also played a role, with increased domestic refining capacity reducing the demand for foreign exchange for petroleum imports, thereby insulating the Naira from some external price shocks.

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As the trading day unfolds, analysts anticipate that the exchange rate will fluctuate within the 1,845 to 1,865 range in the official window, with market participants eagerly awaiting mid-week liquidity reports from the central bank.