The British Pound began the new trading week on Monday, February 23, 2026, showing moderate movement against the Nigerian Naira. Early reports gathered by Reports from the Nigerian Foreign Exchange Market (NFEM) and various informal trading desks indicate a subtle shift in market momentum as traders react to the latest foreign exchange supply figures.
At the official window, the Naira started the day at 1,817.40 per Pound. However, as the morning progressed, the local currency showed some resilience, strengthening slightly to reach 1,810.65 per Pound by mid-morning. This slight recovery suggests that the market is finding a steady support level around the 1,810 mark, providing a bit of relief for those watching the rates closely.
When compared to the beginning of the month, today’s rates represent a significant improvement. Just a few weeks ago, the Pound was trading as high as 1,906.29. Financial analysts who spoke with Reports attribute this steadying of the Naira to the Central Bank of Nigeria’s ongoing interventions and the successful efforts to clear foreign exchange backlogs owed to international service providers and airlines.
In the parallel market, the Pound Sterling continues to trade at a slight premium, with rates currently hovering between 1,830 and 1,842 per Pound. Despite the informal sector remaining a go-to for small-scale imports and travel allowances, the gap between the official and parallel rates has stayed relatively small, sitting at about 1.5%.
Traders across major hubs like Lagos and Abuja have noted that while the demand for the Pound is steady, there is a noticeable absence of the “panic buying” that often characterizes the start of a new week. This suggests that the current transparency measures in the official market are effectively managing expectations and keeping speculative volatility at bay.
Several factors are playing a role in where the rate stands today. On the global stage, the British Pound remains strong due to positive employment data from the UK. Locally, increased liquidity in the official window has allowed Nigerian banks to process more “Form M” and “Form A” requests, which has taken some of the pressure off the black market. Additionally, the Central Bank’s high-interest-rate policy continues to attract some foreign investment, helping to provide a cushion for the Naira.
Barring any sudden changes in global oil prices or major local policy shifts, experts believe the exchange rate will likely stay within a narrow range of 1,805 to 1,818 in the official market for the remainder of the day.
