In the Nigerian Foreign Exchange Market (NFEM), the pound remained broadly range-bound between ₦1,820 and ₦1,850, with mid-market quotes hovering around ₦1,825 to ₦1,830. The movement indicates only mild day-to-day fluctuations, suggesting a period of temporary calm in an otherwise demand-driven currency environment.
Market data from recent sessions shows that the pound-naira exchange rate has largely consolidated within the same ₦1,820–₦1,850 corridor over the past week. Analysts link this relative steadiness to improved liquidity conditions in the official window and incremental effects of ongoing foreign exchange policy adjustments aimed at narrowing market distortions.
In the parallel market, however, the naira continues to trade at a weaker level against the pound, reflecting stronger retail demand and limited foreign currency supply outside official channels. Street traders quoted buying rates around ₦1,850 and selling levels ranging from ₦1,870 to ₦1,900, depending on transaction size and location.
The spread between official and street-market rates remains moderate, typically estimated between ₦30 and ₦70, a pattern that suggests a gradual, though incomplete, convergence between both segments of the FX market.
Foreign exchange analysts note that the pound’s resilience is partly driven by its global strength and consistent local demand for sterling-denominated obligations, including tuition payments, travel expenses, and overseas settlements.
Overall, currency market movements indicate a phase of cautious stability for the naira against the pound, with controlled fluctuations across both market windows despite underlying structural demand pressures.