The British Pound Sterling (GBP) closed the first month of 2026 with a relatively stable performance against the Nigerian Naira (NGN) on Friday, reflecting continued market confidence and the impact of ongoing currency stabilisation measures.
Official Market Performance
At the official Nigerian Foreign Exchange Market (NFEM), the Pound opened trading on January 30 at approximately ₦1,916.25 to the Naira. By the close of trading, the exchange rate moderated slightly to around ₦1,912.64 per Pound, indicating minimal intraday volatility.
The Pound’s ability to remain close to the ₦1,900 mark represents a marked improvement from earlier periods characterised by sharp fluctuations, when the currency traded above the ₦2,000 level. Analysts attribute this stability to improved foreign exchange liquidity and tighter regulatory oversight.
Parallel Market Trends
In the parallel market, also known as the black market, the Pound continued to trade at a premium, exchanging between ₦2,010 and ₦2,025 across major cities including Lagos, Abuja, and Kano. Currency dealers reported moderate demand, largely driven by international travel needs, school fees, and personal remittances.
Despite the premium, traders observed reduced volatility toward the end of the month, signalling a calmer outlook in the informal foreign exchange segment.
Market Outlook
Financial analysts note that the narrowing gap between the official and parallel market rates reflects improving market coordination and the impact of recent foreign exchange reforms. The continued deployment of structured trading mechanisms and steady inflows of foreign currency have helped stabilise the Naira against major global currencies.
Looking ahead to February, market watchers remain cautiously optimistic that the Pound-to-Naira exchange rate will remain within its current range, provided inflationary pressures are managed and global economic conditions remain favourable.
Exchange Rate Summary — January 30, 2026
Official Market (NFEM): ₦1,912.64 per £1
Parallel Market: ₦2,010 – ₦2,025 per £1
