The British Pound Sterling closed the first month of 2026 with a relatively stable performance against the Nigerian Naira, as the local currency continues to benefit from broader market stabilisation measures.
Trading on Friday, January 30, 2026, reveals a narrowed spread between the official and parallel markets, indicating a successful month for the Central Bank of Nigeria’s liquidity management.
Official Market Trends
In the Nigerian Foreign Exchange Market (NFEM), the British Pound opened the trading session at approximately 1,916.25 per Naira. Throughout the early morning hours, the rate saw subtle movements, reflecting a high of 1,917.35 and a low of 1,909.70. By mid-morning, the exchange rate settled at 1,912.64 per Naira.
This marginal appreciation for the Naira follows the consistent implementation of the Electronic Foreign Exchange Matching System (EFEMS), which has streamlined price discovery for major global currencies. Financial analysts note that the current rate of 1,912.64 is a significant improvement from the volatile 2,000+ levels witnessed in the latter half of 2025, buoyed by Nigeria’s healthy external reserves and steady crude oil production.
Parallel Market Realities
In the parallel market, commonly referred to as the black market, the Pound Sterling is trading within a range of 2,010 to 2,025. While the informal sector maintains its traditional premium over the official window, the volatility that often characterises end-of-month trading has remained largely absent.
Bureau De Change (BDC) operators in Lagos, Abuja, and Kano report that demand for the Pound remains primarily driven by education-related transfers and individual travel allowances. However, traders indicate that the supply is currently meeting demand, preventing the sharp price spikes that were common in previous years. The relative calm in the parallel market today is seen as a sign that the official window is successfully absorbing much of the corporate demand that previously spilled over into the informal sector.
Summary of Rates for January 30
- NFEM (Official) Opening: 1,916.25
- NFEM (Official) Current: 1,912.64
- Parallel Market Range: 2,010 – 2,025
As the market enters the weekend, the outlook for the Naira remains cautiously optimistic. Experts believe that the stabilisation of the Pound-Naira pair around the 1,900 mark in the official window provides a strong foundation for the coming month, especially as inflationary pressures are projected to continue their downward trend throughout 2026.
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