Pound to Naira Exchange Rate Steady Around ₦1,806 on March 23, 2026 Amid Ongoing Naira Volatility

 

British Pound Sterling (GBP) to Nigerian Naira (NGN) exchange rate remained relatively stable in the official and mid-market segments, trading at approximately ₦1,806 per Pound according to mid-market data from XE.com (updated early UTC on March 23).

Detailed daily metrics from currency trackers show the rate opening around ₦1,805, with a high of ₦1,808 and a low of ₦1,803 during the session, settling near ₦1,806. This comes after a downward trend in March, where the GBP/NGN pair hit yearly lows near ₦1,797 mid-month, reflecting broader pressures on the Naira from economic factors including oil prices, inflation, and foreign reserve dynamics.

In the official Nigerian Foreign Exchange Market (NFEM), rates align closely with these mid-market figures, while the parallel (black market) segment continues to command a premium. Street traders in key hubs like Lagos were quoting the Pound in the ₦1,875–1,900 range for buy/sell transactions as of late March 22 into 23, highlighting the persistent gap between regulated and informal markets.

Analysts note that recent Central Bank of Nigeria (CBN) interventions and policy adjustments have helped narrow some disparities, though volatility remains. The Pound's performance against the Naira this year has averaged around ₦1,871, with an early 2026 peak above ₦1,950 giving way to recent softening.

For Nigerians sending remittances, studying abroad, or engaging in international trade, the current levels offer a more favorable window than earlier highs, but monitoring real-time updates is essential due to intraday fluctuations.

Experts advise using licensed platforms for transfers to secure closer-to-mid-market rates and avoid risks in the unregulated parallel market. As global economic uncertainties persist, the GBP/NGN pair could see further movements based on UK monetary policy, Nigerian fiscal measures, and external commodity trends.