The British Pound Sterling (GBP) started the week trading at strong levels against the Nigerian Naira (NGN), reflecting persistent demand for the UK currency in both the official and parallel foreign exchange markets on Monday, December 8, 2025.
Official NFEM Rate
In the Nigerian Foreign Exchange Market (NFEM), the official indicative rate for one Pound Sterling was recorded at approximately N1933.77 as of the morning trading hours.
This rate is in line with the high-value trading observed for the Pound in the official window over the last few days, suggesting that Naira liquidity challenges and the ongoing push by the Central Bank of Nigeria (CBN) to manage the floating exchange regime continue to impact the valuation of key international currencies.
Parallel Market Maintains Higher Premium
The parallel market, often referred to as the black market, saw the Pound trading at a significantly higher premium compared to the official rate. Bureau de Change (BDC) operators and sources in major cities, including Lagos and Abuja, indicated that the Pound was selling for an average of N1960 to N1975 to the pound.
The variance between the official and parallel rates remains a key indicator of underlying pressure on the Naira, driven by unmet demand for foreign exchange for imports, education, and travel purposes. The higher black market price highlights the difficulty of sourcing GBP through official channels.
Market participants and businesses will be monitoring the CBN’s actions throughout the week for any further interventions aimed at narrowing the gap between the two markets and improving foreign currency supply.
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