The Nigerian Naira has demonstrated a notable recovery against the British Pound Sterling, trading at N1,858 per Pound as of May 4, 2026. This represents a gain of N38 from its recent low of N1,896/£1 recorded on April 29.

The Naira also strengthened against the United States Dollar in April 2026, appreciating month-on-month from its March closing of N1,387/$ to close the month at N1,374/$. This performance marks the first time the Naira has ended the month of April with a gain since 2024.

Data from the Central Bank of Nigeria (CBN) indicates that the Naira traded within a relatively stable range of N1,340 to N1,389 against the dollar throughout April. On a year-on-year basis, the currency improved significantly from N1,602/$ recorded on April 30, 2025.

The recent stability and gains reflect improved conditions in the foreign exchange market and a gradual return of confidence in Nigeria’s monetary environment. The CBN's interventions and strong backlog clearing efforts have contributed to reduced volatility.

However, the Naira's performance remains sensitive to external factors. Higher volatility is expected due to fluctuations in crude oil prices, the Bank of England's interest rate policies, and the global appetite for risk. The Bank of England's stance on inflation provides a support level for the Pound.