Pound to Naira exchange rate today, January 29, 2026

The British Pound Sterling experienced moderate volatility against the Nigerian Naira during the early morning trading session on Thursday, January 29, 2026. As the Naira continues its broader recovery against major global currencies, the Pound has fluctuated within a narrow range, reflecting shifting liquidity in the official market.

Official Market Trends

In the Nigerian Foreign Exchange Market (NFEM), the British Pound opened the day at 1,927.89 per Naira. Throughout the early hours, the currency saw several minor adjustments, dipping to a low of 1,924.94 before regaining ground. By the mid-morning session, the rate had settled at approximately 1,933.41 per Naira.

This represents a marginal increase of about 0.28 percent from the opening figures. Financial analysts attribute this steady performance to the Central Bank of Nigeria’s (CBN) efficient management of the Electronic Foreign Exchange Matching System (EFEMS), which has allowed for smoother price discovery. While the Naira has shown significant strength against the US Dollar this week, the Pound-Naira pair remains sensitive to international market shifts and UK economic data released earlier today.

Parallel Market Performance

The parallel market continues to trade at a premium, though it remains significantly more stable than the peaks witnessed in late 2025. In major commercial hubs like Lagos and Abuja, Bureau De Change operators are currently quoting the British Pound between 2,015 and 2,030.

The gap between the official and informal sectors has stayed relatively consistent throughout the week. Traders in Lagos note that demand for the Pound remains largely driven by school fee payments and personal travel allowances. However, the absence of aggressive speculative activity has helped keep the informal rate within a predictable corridor, even as the official rate sees minor intraday fluctuations.

Summary of Trading Rates

• NFEM (Official) Opening: 1,927.89
• NFEM (Official) Current: 1,933.41
• Parallel Market Range: 2,015 – 2,030

As the week progresses toward the final trading day of January, market watchers are looking for signs of further Naira consolidation. With Nigeria’s external reserves showing continued growth, the outlook for the local currency remains resilient against the Pound and other major peers.

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