The British pound sterling is trading strongly against the Nigerian naira today, with the official mid-market rate around ₦1,890-₦1,950 per £1, while parallel/black-market dealers are quoting between roughly ₦1,900 and ₦2,030 per £1.
Key rates
Mid-market/online conversion: About ₦1,890-₦1,950 per £1.
Parallel market (street) buy/sell: Around ₦1,900 to ₦2,030 per £1.
What’s driving the movement
The pound’s strength reflects both global sterling moves and tension in Nigerian foreign-exchange mismatches. With demand for pounds in the cash/BDC (black-market) channels outpacing visible supply in the official windows, the spread between the quoted online/official rate and street rates remains wide. Meanwhile, data show the naira holding relatively firm in recent weeks in official channels, helping stabilise mid-market conversions.
Implications for Nigerians
Individuals remitting, travelling, or paying for GBP-priced services will likely face higher conversion costs if using cash/BDC markets rather than bank transfers at official or mid-market rates.
Importers or firms with sterling-denominated obligations must factor in the premium on the street rate when budgeting or sourcing foreign currency.
For contracts pegged to the official rate or online conversions, the relative stability in the mid-₦1,900s per pound may offer better predictability than earlier in the year, though caution remains warranted due to parallel-market volatility.
Throughout 2025 the £/₦ rate has ranged roughly between ₦1,800 and ₦2,100 depending on channel and date, with the mid-market currently around the lower end of that band. Online conversion tools show values near ₦1,890 per £1 today.
What to watch
Updates from the Central Bank of Nigeria (CBN) or official Daily Foreign Exchange Market (NFEM) window on currency allocation and policy moves.
Movements in the parallel/BDC market for signs of widening or narrowing spreads.
Sterling’s global strength or weakness, which may influence how the naira moves against the pound.
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