The Nigerian Naira continues to experience a complex trading environment against the British Pound (GBP) as markets opened this Monday, January 19, 2026. Data from both the official Nigerian Foreign Exchange Market (NFEM) and the informal parallel market indicate a persistent gap between regulated and open-market rates.
Official Market Trends (NFEM)
In the official window, the British Pound began the day’s session with moderate volatility. As of the early morning hours, the exchange rate on the Nigerian Foreign Exchange Market was recorded at approximately 1,903.36 Naira per Pound.
This reflects slight fluctuations from the opening price of 1,901.50 Naira earlier today. Throughout the early session, the rate reached a high of roughly 1,907.15 Naira before stabilising near the 1,903 mark. The NFEM continues to be the primary channel for government-approved transactions, though liquidity remains a focal point for institutional investors.
Parallel Market Developments
The parallel market, often referred to as the black market, continues to trade at a premium compared to the official rate. While the NFEM holds near the 1,900 Naira threshold, informal traders in major hubs like Lagos, Abuja, and Kano are quoting rates significantly higher.
Currently, the British Pound is trading in the parallel market at a range between 2,150 and 2,210 Naira. This spread of over 250 Naira between the official and unofficial segments highlights the ongoing demand for foreign exchange that exceeds the current official supply.
Factors Influencing the Rate
Several economic factors are contributing to the current exchange rate dynamics:
Foreign Reserves: Investors are keeping a close watch on Nigeria’s foreign reserve levels, which dictate the Central Bank’s ability to intervene in the market.
Inflationary Pressures: Local inflation continues to impact the purchasing power of the Naira, driving individuals toward stronger “hard” currencies like the Pound.
Monetary Policy: Market participants are awaiting further signals from the Central Bank regarding interest rate adjustments, which often correlate with currency stability.
As the trading day progresses, the gap between the NFEM and the parallel market will likely remain a key indicator of the Naira’s overall health.
The post Pound to Naira exchange rate today, January 19, 2026 appeared first on Vanguard News.
