The British Pound on Tuesday recorded a slight appreciation against the Nigerian Naira at the official foreign exchange market, reflecting continued efforts to stabilise the local currency amid moderate volatility.
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the Pound Sterling opened trading at ₦1,901.49 and later exchanged at an average rate of about ₦1,917.87, representing a marginal increase of 0.01 per cent from the previous day’s close of ₦1,917.74.
Within the official trading window, the Pound traded at a high of ₦1,921.29 and a low of ₦1,903.40, as the Central Bank of Nigeria (CBN) continued price discovery measures aimed at supporting currency stability.
Meanwhile, the Pound remained stronger at the parallel market, where dealers in major cities such as Lagos and Abuja quoted buying rates from ₦1,965, while selling rates rose to about ₦1,980. The premium between the official and parallel market rates, though still evident, has narrowed slightly compared to the wider gaps recorded toward the end of 2025.
Market analysts attributed the relative stability at the official window to sustained liquidity support, noting however that demand for the British Pound remained elevated, particularly for foreign tuition payments and international trade transactions.
On a year-on-year basis, the Naira has weakened modestly against the Pound. Records showed that on Jan. 13, 2025, the exchange rate stood at ₦1,895.48, indicating an approximate 1.18 per cent depreciation.
Analysts also observed that the Naira had shown signs of recovery from its recent 90-day low of about ₦1,975 to the Pound, suggesting cautious optimism among market participants.
They said attention would remain on key economic data releases and policy signals from monetary authorities, which could influence movements in the Naira–Pound exchange rate in the days ahead.