Pound to Naira exchange rate today, February 9, 2026

The British Pound Sterling (GBP) opened the second week of February 2026 with a minor dip against the Nigerian Naira, reflecting the broader trend of local currency stabilisation. As the market resumes full operations this Monday morning, the Pound has retreated slightly from its previous closing positions in both the official and informal sectors.

Official Market Trends

In the Nigerian Foreign Exchange Market (NFEM), the British Pound opened the trading session at 1,860.31 per Naira. However, mid-morning data indicates a gradual appreciation for the Naira, with the Pound currently trading at approximately 1,856.75.

This movement represents a marginal decline of roughly 0.19% since the market opened. Analysts suggest that the Naira’s continued strength is bolstered by improved liquidity within the Electronic Foreign Exchange Matching System (EFEMS) and the Central Bank of Nigeria’s (CBN) success in managing corporate demand. The official rate has remained well below the 1,900 resistance level, providing a more predictable environment for cross-border transactions as the month progresses.

Parallel Market Performance

The parallel market has followed the cooling trend observed in the official window, though it continues to trade at a premium. In major commercial hubs like Lagos and Abuja, Bureau De Change operators are currently quoting the Pound between 1,930 and 1,945.

Traders report that while the start of the week usually brings an uptick in demand for retail transactions—such as school fee payments and travel allowances—the market remains devoid of speculative volatility. The availability of the Pound in the informal sector is reportedly adequate, helping to keep the “black market” rate stable and preventing the sharp spikes that were common in previous years.

Summary of Rates for February 9

• NFEM (Official) Opening: 1,860.31
• NFEM (Official) Current: 1,856.75
• Parallel Market Range: 1,930 – 1,945

The outlook for the Naira remains optimistic for the rest of the week, with many experts predicting the currency will maintain its current range-bound performance against the Pound. Market participants are closely watching for any changes in Nigeria’s external reserves or UK economic data that could influence the exchange rate’s trajectory toward the mid-week session.

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