Pound to Naira exchange rate today, March 2, 2026

2026-03-02 - 06:07

The British Pound opened the first trading week of March 2026 with subtle fluctuations against the Nigerian Naira, reflecting a market that is currently digesting the Central Bank of Nigeria’s (CBN) latest shift toward monetary easing. Real-time data from the Nigerian Foreign Exchange Market (NFEM) and informal desk reports show the Naira holding a firm line as it enters a new month of consolidated price discovery. Official Market Performance (NFEM) In the official window, the Naira opened at 1,826.51 per Pound. Early morning volatility saw the rate touch a high of 1,828.14 before a moderate recovery brought the mid-morning quote to approximately 1,825.26 per Pound. This performance follows a significant period of stability for the Naira, which has been bolstered by the CBN’s decision on February 24 to cut the Monetary Policy Rate (MPR) by 50 basis points to 26.5%. The apex bank’s move signals confidence in the current disinflationary trend and has encouraged a steady flow of liquidity into the official window, preventing the sharp Sterling spikes that often characterize the start of a new month. Parallel Market Trends In the parallel market, the Pound Sterling is currently being exchanged at rates between 1,842 and 1,855 per Pound. While a premium remains, the spread between the official and “black market” rates continues to sit near a historic low of approximately 1.2%, indicating a high level of market convergence. Traders in Lagos and Abuja report that while demand for the Pound for international travel and tuition remains consistent, the speculative pressure has largely vanished. The availability of foreign exchange through authorized channels has successfully anchored expectations, making the informal market a less attractive option for large-scale buyers. Macroeconomic Factors The current Pound-to-Naira trajectory is being influenced by several key domestic factors: Record External Reserves: Nigeria’s foreign reserves have surged to a 13-year high of 50.45 billion dollars, providing the central bank with a formidable buffer to smooth out market volatility and support the local currency. Sustained Disinflation: Headline inflation slowed for the tenth consecutive month, reaching 15.10% in January. This trend has restored some level of real purchasing power to the Naira, making it more resilient against major global currencies. High Oil Production: Crude oil production remains steady at 1.46 million barrels per day, ensuring a consistent inflow of foreign exchange that supports the “willing-buyer-willing-seller” model in the NFEM. Interest Rate Recalibration: While the benchmark rate was trimmed to 26.5%, the environment remains high-yield, continuing to attract foreign portfolio investors seeking to capitalize on the Naira’s stability. Market experts anticipate that the Pound will trade within the 1,820 to 1,835 range in the official window for the remainder of the week, provided the central bank maintains its current level of market intervention and liquidity support.