The Nigerian naira continued to face pressure against the British pound across both official and parallel foreign exchange markets, reflecting sustained demand for foreign currency and constrained supply.
At the Nigerian Foreign Exchange Market, the pound traded within the range of ₦1,820 to ₦1,835 per £1, based on recent market data. This represents only marginal movement from earlier levels in the week, when the currency hovered around ₦1,817, indicating relative stability in the official window.
Mid-market indicators also placed the pound within a similar band, averaging between ₦1,830 and ₦1,845, suggesting limited volatility despite underlying pressure on the local currency.
In contrast, the parallel market showed a weaker performance for the naira, with the pound trading at higher levels. Rates were quoted at approximately ₦1,840 to ₦1,865 for buying and between ₦1,885 and ₦1,900 for selling, depending on location and transaction volume.
The disparity between official and informal market rates—estimated at between ₦50 and ₦80—continues to highlight supply constraints within the formal system and strong retail demand for pounds.
Market analysts attribute the pressure to increased demand for foreign exchange to fund overseas education, medical expenses and international transactions, coupled with limited access through official channels.
While regulatory measures and liquidity management have helped maintain relative calm at the official window, the parallel market continues to reflect real-time demand pressures.
Overall, the trend underscores ongoing structural challenges in Nigeria’s foreign exchange market, with a persistent premium in the informal segment despite moderate stability in the official rates.
