According to the latest Abokifx bulletin in Lagos, the pound exchanged at ₦1,898 for buy and ₦1,930 for sell on the parallel market, while mid-market inter-bank and online quotations were around ₦1,902 per £1.
The pound-naira pair remained largely stable at street level, with only a modest uptick in the sell rate from ₦1,928 on Tuesday to ₦1,930 on Wednesday. Institutional and online rates tracked just below ₦1,910, reflecting relative insulation from the wider fluctuations experienced in the parallel market.
Analysts attribute the ongoing divergence between the street and formal channels to uneven supply of sterling through authorised outlets, high demand for pounds for diaspora remittances and travel, and limited central bank interventions targeting the pound compared to the US dollar. They also note that Nigeria’s broader foreign exchange landscape remains influenced by oil revenue inflows, external debt obligations, and the need to maintain exchange rate stability.
Over the past week, the pound has traded within a narrow band, with inter-bank quotes ranging from ₦1,900 to ₦1,910 per £1, while the street sell rate has consistently hovered around ₦1,930.
For Nigerians, this means that individuals travelling to or from the UK or dealing in pounds should budget between ₦1,900 and ₦1,930 per £1, depending on the channel used. Businesses importing goods from the UK or paying suppliers may face higher costs if forced to access the parallel market, whereas those using authorised banking channels can typically secure slightly lower rates, albeit with fees and access constraints.