In Nigeria’s FX market, traders maintained cautious optimism as the Naira held firm against the pound sterling.
Strong demand for naira assets supported stability, while weaker UK economic signals shaped sentiment.
Naira Holds Steady At ₦1,862/£1
On April 9, 2026, the official market closed at ₦1,862/£1 after calm trading.
Traders keep the GBP/NGN pair within a neutral-to-bearish range with limited upside pressure.
After the pair hit ₦1,853.9/£1, momentum slowed across sessions.
Resistance now sits at ₦1,816.7/£1.
Key Technical Levels Shape GBP/NGN Outlook
If the pair breaks this level, it may fall towards ₦1,800/£1 support.
That level sits close to ₦1,799/£1 historical low.
Meanwhile, ₦1,854/£1 still blocks further gains.
If price breaks above it, the market may retest ₦1,900/£1.
High Interest Rates Support Naira Strength
So far this year, the Naira has gained about 7.5% against the pound sterling.
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High interest rates continue to support this performance strongly.
Nigeria’s Monetary Policy Rate stays between 26% and 27%.
Consequently, investors channel carry trade inflows into naira assets.
This also weakens sustained pound rallies.
Market participants see improved FX stability as earlier gains hold.
In the parallel market, traders quote rates around ₦1,919/£1.
The gap between official and parallel markets has narrowed below 5%.
Moreover, improved Bureau De Change access supports smoother FX distribution.
Policymakers prioritise stability over rapid appreciation, reducing volatility across markets.
Globally, the pound trades near $1.342 as it holds recent highs.
Investors watch US inflation data closely.
If CPI rises, the Federal Reserve may delay rate cuts further.
Meanwhile, tensions around the Strait of Hormuz increase.
These tensions push oil prices higher and strengthen the US dollar.
Additionally, UK rate expectations point to modest hikes by year-end.
However, US policy still signals future rate cuts.
Overall, the Naira maintains cautious strength amid shifting global pressures.
