The Nigerian naira continues to face pressure against the British pound across both official and parallel foreign exchange markets, as demand for foreign currency remains high amid limited supply.
At the Nigerian Foreign Exchange Market (NFEM), the official window, the pound trades between ₦1,820 and ₦1,835 per £1, based on recent data and trading trends. Earlier in the week, it was quoted around ₦1,817.83/£, with only slight day-to-day changes, indicating relative stability within the official market.
Mid-market indicators also place the pound within a similar range, averaging between ₦1,830 and ₦1,845, suggesting minimal volatility despite ongoing pressure on the naira.
In the parallel market, however, the naira remains significantly weaker. Current figures show the pound being bought at about ₦1,840 to ₦1,865 and sold between ₦1,885 and ₦1,900, depending on location and transaction size.
This results in a gap of roughly ₦50 to ₦80 between the official and black market rates, highlighting persistent foreign exchange shortages in the formal system and strong demand for pounds, particularly for school fees, medical expenses, and other international transactions.
Analysts attribute the pound’s strength in the parallel market to sustained demand for foreign education and travel, coupled with limited access to the currency through official channels. While the NFEM reflects relative stability due to regulatory controls and managed liquidity, the informal market continues to respond to real-time demand pressures.
Overall, the trend reflects a familiar pattern—steady rates in the official window and a sustained premium in the parallel market—pointing to ongoing structural challenges in Nigeria’s foreign exchange system.