In the official Nigerian Foreign Exchange Market (NFEM), the Pound traded at an average of ₦1,936.86 per GBP during early trading hours. This rate reflects the value available to investors and exporters operating through formal channels. The figure also represents a slight depreciation of the Naira compared to Friday’s close, as market participants continue to monitor liquidity and anticipate potential intervention by the Central Bank of Nigeria (CBN).
Meanwhile, in the parallel or black market, the Pound was reportedly bought by dealers at rates ranging from ₦1,940 to ₦1,950 and sold at an average of ₦1,970 per Pound in major cities such as Lagos and Abuja. The persistence of this gap between official and parallel rates underscores ongoing pressure from foreign exchange demand that is not fully met through formal channels. Analysts note that the higher parallel market rate often drives up the cost of imported goods and services in the country.
“The divergence between official and parallel rates reflects underlying market stress, particularly in meeting demand for hard currencies outside formal mechanisms,” said an FX analyst.
The Naira’s performance comes amid a backdrop of global economic uncertainty and domestic monetary policy adjustments. Factors influencing the currency include fluctuations in crude oil prices, Nigeria’s foreign reserve levels, and the CBN’s ongoing efforts to stabilise the Naira while moving toward greater unification of multiple exchange windows.
Investors and businesses are closely watching these movements, as exchange rate trends play a critical role in import costs, inflation expectations, and overall economic stability.