Pound to Naira exchange rate today, February 4, 2026

The British Pound Sterling (GBP) showed a slight softening against the Nigerian Naira during the early morning trading session on Wednesday, February 4, 2026. This trend aligns with the broader strengthening of the local currency seen across major pairs in the official and informal markets this week.

Official Market Trends

In the Nigerian Foreign Exchange Market (NFEM), the British Pound opened at approximately 1,906.43 per Naira. As trading progressed through the early hours, the currency experienced a marginal decline, reaching a mid-morning low of 1,903.82.

This performance indicates that the Naira is maintaining its resilience against the Pound, keeping the exchange rate comfortably below the 2,000 mark in the official window. Analysts attribute this stability to the Central Bank of Nigeria’s (CBN) consistent liquidity injections and the continued success of the Electronic Foreign Exchange Matching System (EFEMS), which has helped narrow the gap between bids and offers.

Parallel Market Performance

In the parallel market, the Pound Sterling is currently trading within a range of 1,985 to 2,015. While the informal market maintains a premium over the official rate, the spread has remained relatively stable since the beginning of February.

Bureau De Change operators in major hubs like Lagos and Abuja report that while there is consistent demand for the Pound—largely driven by tuition payments and international travel—the market is not experiencing the speculative pressure that characterized previous quarters. The availability of the Pound in the informal sector appears sufficient to meet the current retail demand, preventing significant intraday spikes.

Summary of Trading Rates

• NFEM (Official) Opening: 1,906.43
• NFEM (Official) Current: 1,903.82
• Parallel Market Range: 1,985 – 2,015

As the day continues, market participants will be watching for any shift in global oil prices or domestic monetary policy signals that could influence the closing rates. For now, the Naira remains in a defensive and stable position against the British Pound, offering a level of predictability for businesses and individuals engaged in cross-border transactions.

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