As January 2026 draws to a close, the British Pound Sterling has maintained a relatively stable stance against the Nigerian Naira.
Market observers point to ongoing stabilisation measures and careful liquidity management by the Central Bank of Nigeria (CBN) as key factors supporting the local currency.
Trading data from Friday, January 30, shows a narrowing gap between official and parallel market rates, signaling a month of controlled foreign exchange activity and improved investor confidence.
Official Market Moves
In the Nigerian Foreign Exchange Market (NFEM), the Pound opened the day at roughly 1,916.25 Naira.
The morning session saw only minor fluctuations, reaching a high of 1,917.35 and dipping to a low of 1,909.70 before settling at 1,912.64 by mid-morning.
Financial analysts suggest that the slight strengthening of the Naira reflects the ongoing impact of the Electronic Foreign Exchange Matching System (EFEMS).
By streamlining currency price discovery, EFEMS has helped reduce the wild swings that pushed the Pound past the 2,000 Naira mark in the second half of 2025.
Nigeria’s healthy external reserves and steady oil production have also contributed to this calmer trading environment.
Parallel Market Trends
Meanwhile, the parallel market—or informal “black market”—continues to price the Pound slightly higher, trading between 2,010 and 2,025 Naira.
Unlike previous months, end-of-month volatility has been largely absent.
Bureau De Change operators in cities like Lagos, Abuja, and Kano report that demand remains focused on education payments and personal travel.
However, traders note that supply is comfortably meeting this demand, preventing the sudden spikes that were typical in past years.
Many experts see this as a sign that the official market is now successfully absorbing corporate and retail needs that used to flow into the parallel sector.
Snapshot of Key Rates
-
NFEM (Official) Opening: 1,916.25
-
NFEM (Official) Current: 1,912.64
-
Parallel Market Range: 2,010 – 2,025
Looking Ahead
As the week closes, the outlook for the Naira appears cautiously positive.
Analysts highlight that the Pound-Naira pair stabilising around 1,900 in the official market provides a solid platform for February.
With inflation expected to ease gradually throughout 2026, both consumers and businesses may benefit from steadier exchange rates in the months ahead.
Share on Facebook «||» Share on Twitter «||» Share on Reddit «||» Share on LinkedIn