The British Pound opened the second full trading week of March 2026 with a notable uptick against the Nigerian Naira on Monday, March 9, 2026. Real-time data from the Nigerian Foreign Exchange Market (NFEM) and informal trading channels indicate that the local currency is facing renewed pressure from the Sterling, largely driven by global safe-haven demand and a seasonal rise in international remittance needs.
Official Market Performance (NFEM)
In the official window, the Naira opened at 1,846.10 per Pound. Trading activity throughout the early morning sessions saw the rate experience moderate volatility, reaching a high of 1,852.28 before climbing further to 1,856.06 by 6:00 AM WAT. This represents a 1.62% intraday depreciation for the Naira from the start of the session.
Market liquidity remains a focal point for authorized dealers, who note that while the Central Bank of Nigeria (CBN) continues to support a “willing-buyer-willing-seller” model, the recent 50-basis-point cut in the Monetary Policy Rate (MPR) to 26.5% has led to a minor recalibration of currency values. The official mean rate for the day is currently trending near 1,851.40, as the market balances corporate demand with steady supply.
Parallel Market Trends
The parallel market continues to shadow the official rate with a consistent premium, currently trading within a range of 1,865 to 1,880 per Pound. Despite the slight softening of the Naira, the spread between the official and “black market” windows remains historically narrow at approximately 1.3%.
Traders in major hubs like Lagos and Abuja report that while Monday mornings often see a surge in demand for school fees and personal travel allowances, there is no evidence of the panic-buying seen in previous cycles. This stability is attributed to the ongoing supply of foreign exchange to Bureau De Change (BDC) operators, which has successfully mopped up excess retail demand.
Key Factors Influencing the Market
Several macroeconomic drivers are shaping the Pound-to-Naira trajectory this Monday:
Global Risk-Off Sentiment: Rising geopolitical tensions in the Middle East have pushed investors toward safe-haven assets, strengthening major currencies like the Pound and the Dollar against emerging market currencies.
Record Reserves: Nigeria’s external reserves remain a formidable buffer, currently standing near a multi-year high of 50.45 billion dollars. This provides the CBN with significant “firepower” to manage any sudden liquidity shocks.
Disinflationary Trend: With headline inflation slowing to 15.10% in January, the real value of the Naira remains more resilient than in 2024 or 2025, providing a fundamental floor for the currency.
Energy Sector Shifts: Increased domestic refining capacity continues to reduce the overall demand for foreign exchange for petroleum imports, helping to insulate the Naira from some external price shocks.
As the trading day progresses, analysts expect the rate to fluctuate within the 1,845 to 1,865 range in the official window, as the market looks forward to mid-week liquidity reports from the central bank.
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