By Boluwatife Oshadiya | September 3, 2026
Key Points
- Naira strengthened to around ₦1,800 per pound in the official market, its strongest level against sterling since late February
- GBP/NGN has retreated from the ₦1,840–₦1,850 area as volatility eased and two-way foreign exchange flows increased
- Market participants are watching CBN liquidity measures and Bank of England policy expectations for the next direction of the currency pair
Main Story
The naira has strengthened to around ₦1,800 against the British pound in Nigeria’s official foreign exchange market, marking its strongest level against sterling in about seven months.
Market data showed the GBP/NGN pair trading around the ₦1,800 level after moving within a broader ₦1,800–₦1,850 range in recent weeks. Recent sessions have also shown narrower trading ranges as volatility moderated.
Historical market data showed GBP/NGN closing around ₦1,799.65 on September 2, while the pair traded between approximately ₦1,798 and ₦1,800 during the session.
The latest movement represents a notable improvement from late August, when the pair was trading above ₦1,810 and briefly moved towards ₦1,840. Central Bank of Nigeria historical data also placed the September 2 mid-rate at about ₦1,790.48.
Technical levels identified by market analysts place initial resistance around ₦1,840, with a stronger resistance zone between ₦1,880 and ₦1,900. Support is concentrated around ₦1,780, with a deeper technical floor near ₦1,750.
The recent appreciation reflects a combination of improved foreign exchange liquidity and reduced volatility in the official market. The CBN has continued to focus on market-based price discovery and liquidity management as part of its foreign exchange reforms.
“The immediate outlook for the pair suggests further range-bound consolidation in the coming weeks,” market analysis published by Nairametrics said.
What’s Being Said
Market analysis indicates that the naira’s recent gains are occurring alongside tighter trading ranges and more balanced foreign exchange flows. Nairametrics expects the pair to remain relatively contained unless a significant external shock alters oil revenues, foreign exchange supply or Bank of England expectations.
What’s Next
- Traders will monitor CBN foreign exchange liquidity and official-market pricing for signs of whether the naira can sustain its recent gains
- The next major directional test is whether GBP/NGN can remain below ₦1,840 while defending support around ₦1,780
Bottom Line:
The naira’s move towards ₦1,800 per pound signals improved short-term stability rather than a decisive change in the currency’s longer-term trajectory. Sustaining the gain will depend on continued foreign exchange liquidity and whether external pressures push sterling higher.
