Pound to Naira exchange rate today, March 20, 2026

The Nigerian Naira showed mixed performance against the British Pound Sterling (GBP) on Friday, March 20, 2026, as the foreign exchange market navigated the close of the trading week. Following the trend of the US Dollar, the Pound saw slight fluctuations in both the official and parallel windows.

Official Market Rates

In the Nigerian Foreign Exchange Market (NFEM), the British Pound experienced a marginal cooling off from its mid-week peak. Real-time data from the FMDQ exchange indicates that the Pound was quoted at an average of N1,813.10. This follows a volatile 24-hour period where the rate reached as high as N1,827 before settling lower during the early morning session.

The recent stability of the Naira against major currencies like the Pound is largely linked to the Central Bank of Nigeria’s (CBN) improved liquidity management and the sustained $50 billion level in external reserves. However, the Pound remains strong globally due to the Bank of England’s recent stance on interest rates, which continues to provide a floor for the GBP/NGN pair.

Parallel Market Performance

In the informal market, the Pound Sterling maintained a stronger position compared to the official rate. Traders in major hubs like Lagos (Allen Avenue and Broad Street) and Abuja reported buying rates around N1,875 and selling rates between N1,885 and N1,895.

The gap between the official NFEM rate and the parallel market for the Pound remains wider than that of the Dollar. Analysts attribute this to the specific demand for the Pound for “invisible” transactions, such as tuition payments for Nigerian students in the United Kingdom and medical tourism, which often spill over into the informal sector.

Economic Drivers and Weekly Summary

As the market concludes its activities for the third week of March 2026, several factors have shaped the Pound to Naira trajectory:

Reserve Strength: The CBN’s $50.03 billion reserve cushion has successfully dampened extreme volatility, preventing the Pound from crossing the N1,950 psychological mark seen earlier in the year.

Capital Inflows: Increased foreign portfolio investment, attracted by Nigeria’s 26.5% interest rate, has provided the necessary foreign exchange to meet some of the demand for the Pound.

Trade Balance: While high oil prices favor the Naira, the persistent demand for services from the UK continues to put a slight upward pressure on the GBP/NGN exchange rate.

Market participants expect the rates to hold steady over the weekend, with fresh price discovery anticipated when the NFEM reopens on Monday morning.

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