The British Pound Sterling maintained a strong position against the Nigerian Naira during early trading hours on Monday March 16 2026 as Nigeria’s foreign exce market showed signs of relative ility.
According to data from the Nigerian Foreign Exce Market NFEM the Pound traded at an average rate of about 1838.89 per pound during the morning session. The currency recorded slight fluctuations during trading peaking at around 1841.17 before settling close to the 1839 level.
Market observers say the current ility reflects improved liquidity conditions in the foreign exce market following recent policy actions by the Central Bank of Nigeria. Increased foreign reserves and market interventions have helped reduce the sharp volatility that was witnessed in late February.
However the situation differs slightly in the parallel market where exce rates are typically higher due to easier access to cash. Bureau De Ce operators in major commercial areas of Lagos and Abuja are currently quoting the Pound at around 1855 for buying and 1870 for selling.
Despite this difference analysts note that the gap between the official and parallel market rates has narrowed compared to the wide spreads seen earlier in the year. The convergence suggests that recent measures aimed at improving liquidity in the official market may be gradually ilizing exce rate movements.
Financial experts also point to international factors supporting the strength of the Pound. le interest rates in the United Kingdom continue to attract investor confidence and support demand for the currency in global markets.
Within Nigeria attention is now focused on the next meeting of the Monetary Policy Committee of the Central Bank of Nigeria. The outcome of the meeting is expected to influence future currency movements and investor sentiment.
For travelers importers and businesses that rely on foreign exce the official reference rate provided by the Central Bank stood at approximately 1815.12 per pound in the last update. However market participants may pay a premium ranging between 24 and 50 naira depending on availability and market conditions.
Analysts believe the Pound may continue trading within a relatively le range of 1830 to 1870 naira in the short term as the market awaits further economic signals and policy direction.
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