The British pound sterling traded at approximately ₦2,065.96 to £1 in the Nigerian market, according to current online currency conversion services.
On the parallel (street/black) market, reported quotes for £1 ranged around ₦2,000 to ₦2,100, reflecting the often higher premiums in informal FX channels.
What this means today
Official/stream-quoted rate: The figure of roughly ₦2,065.96 per £1 represents the market conversion from online FX aggregators, and gives a benchmark for formal bank or merchant pricing.
Parallel market rate: Meanwhile, street-based dealers and BDCs report buying and selling rates in the range of ₦2,000–₦2,100 per £1, illustrating the persistent spread between official and informal rates.
Why the two rates diverge
The gap between formal quotes and parallel market levels is driven by several factors: elevated demand for sterling due to overseas travel, tuition fees or imports; constrained foreign currency supply; as well as fluctuating investor and remittance flows. This divergence means individuals and businesses relying on the informal market often pay more for the same amount of foreign currency.
For consumers and importers
If you’re budgeting for £100 at the quoted rate of about ₦2,065.96, you’d expect to pay around ₦206,596 at a formal channel.
On the informal market at, say, ₦2,100 per pound, the cost rises to about ₦210,000 for the same amount.
To minimise costs, using licensed banks or authorised FX channels is advisable; always compare multiple quotes if using parallel markets and check dealer credibility.
Market outlook and context
Historical data show that in 2025 the average £1 = ₦2,021.28 in the Nigeria FX market. Forecasts suggest the pound-naira pairing could continue experiencing pressure, especially if demand for imports and overseas payments remains strong.
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