Pound to Naira exchange rate today, February 2, 2026

The British Pound Sterling (GBP) started the first Monday of February 2026 with a minor uptick in the Nigerian foreign exchange market, following a week of relative cooling. As the new month’s trading activities commence, the Naira is seeing increased pressure from the Pound in the official window, while the parallel market remains within a familiar range.

Official Market Trends

In the Nigerian Foreign Exchange Market (NFEM), the British Pound opened at 1,908.75 per Naira. Early morning trading saw the rate climb as high as 1,916.86 before slightly retreating. By mid-morning on February 2, the exchange rate settled at approximately 1,909.72 per Naira.

This represents a slight increase from the previous session’s close, where the Pound hovered around the 1,906 mark. Market analysts suggest that the current movement is a typical early-month adjustment as corporate entities and individuals resume processing international payments for the new quarter. Despite this minor rise, the Pound remains lower than the 1,932 average seen last week, indicating that the Naira’s broader stabilization trend is largely holding firm against the UK currency.

Parallel Market Performance

The parallel market, or informal sector, continues to trade the British Pound at a consistent premium. In major currency hubs like Lagos and Abuja, Bureau De Change operators are quoting the Pound between 1,980 and 2,010.

While the informal rate has dipped below the 2,000 threshold in some locations, it remains the primary channel for retail demand, particularly for school fee payments and personal travel. Traders report that although demand is present at the start of the month, there is a steady supply of the Pound in the market, which has prevented any significant “black market” spikes.

Summary of Opening Rates

• NFEM (Official) Opening: 1,908.75
• NFEM (Official) Current: 1,909.72
• Parallel Market Range: 1,980 – 2,010

Looking forward, the direction of the Pound-Naira pair will depend on the volume of inflows into the official market this week. With Nigeria’s inflation rates showing signs of further moderation and the Central Bank of Nigeria (CBN) maintaining its proactive liquidity stance, the Naira is expected to remain resilient in the face of temporary demand fluctuations.

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