In the official Nigerian Foreign Exchange Market (NFEM), the Pound opened at around ₦1,906.43. As the session progressed, it eased slightly, reaching a mid-morning low of ₦1,903.82. Analysts say the steady performance reflects the Central Bank of Nigeria’s ongoing liquidity support and the continued effectiveness of the Electronic Foreign Exchange Matching System (EFEMS), which has improved price discovery and helped narrow the gap between bid and offer rates.
In the parallel market, the Pound was trading between ₦1,985 and ₦2,015. Although the informal market continues to trade at a premium compared to the official window, the spread has remained relatively stable since the start of February. Bureau De Change operators in major cities such as Lagos and Abuja noted that demand remains consistent, largely driven by tuition payments and international travel, but there has been no surge in speculative activity that previously pushed prices higher.
Dealers also reported that supply in the parallel market is adequate to meet current retail demand, which has helped prevent sudden intraday spikes. This stability has provided some predictability for individuals and businesses involved in cross-border transactions.
As trading continues, market watchers will be monitoring global oil prices and any signals from domestic monetary policy that could affect the Pound’s closing rate. For now, the Naira appears to be holding a defensive stance against the Pound, remaining comfortably below the ₦2,000 threshold in the official window.