Official Market Movements
In the Nigerian Foreign Exchange Market (NFEM), the Pound opened the session at ₦1,927.89, experiencing minor intraday shifts before stabilising in the mid-morning session. The currency dipped to a low of ₦1,924.94, but later recovered, closing in around ₦1,933.41 per Pound.
This movement represents a modest 0.28% increase from the opening rate. Analysts attribute the steady performance to the Central Bank of Nigeria’s (CBN) management of the Electronic Foreign Exchange Matching System (EFEMS), which has helped improve price discovery and reduce sudden market swings. While the Naira has strengthened notably against the US Dollar this week, the Pound-Naira pair remains sensitive to global economic indicators, including UK data released earlier today.
Parallel Market Stability
In the parallel or informal market, the Pound continues to trade at a premium, although rates remain far below the peaks observed in late 2025. Bureau De Change operators in key commercial centres such as Lagos and Abuja quoted the Pound between ₦2,015 and ₦2,030.
Market participants say the gap between official and parallel rates has remained relatively steady throughout the week. Demand for the Pound is mainly driven by school fees and personal travel, with limited speculative activity helping to keep the informal rate within a predictable range.
Market Snapshot
- NFEM (Official) Opening: ₦1,927.89
- NFEM (Official) Current: ₦1,933.41
- Parallel Market Range: ₦2,015 – ₦2,030
Outlook
As the week approaches the final trading day of January, analysts are watching for further signs of Naira consolidation. With Nigeria’s external reserves continuing to grow, the local currency is expected to remain resilient against the Pound and other major currencies, provided the Central Bank maintains its current level of market intervention and liquidity management.