Pound to Naira exchange rate today, January 29, 2026

The British Pound Sterling showed mild fluctuations against the Nigerian Naira during early trading on Thursday, January 29, 2026. Despite the Naira’s recent rebound against several major currencies, the Pound moved within a tight band, reflecting changing liquidity conditions in the official foreign exchange window.

Official Market Update

At the Nigerian Foreign Exchange Market (NFEM), the Pound began trading at ₦1,927.89. In the early session, it slipped slightly to ₦1,924.94 before recovering. By mid-morning, the exchange rate had strengthened to around ₦1,933.41 per Pound.

This movement indicates a modest gain of roughly 0.28 percent compared to the opening rate. Market watchers link the relative stability to the Central Bank of Nigeria’s (CBN) continued oversight of the Electronic Foreign Exchange Matching System (EFEMS), which has improved transparency and price discovery.

Although the Naira has recorded notable gains against the US Dollar in recent days, the Pound–Naira rate remains influenced by global market dynamics and fresh economic indicators from the United Kingdom.

Parallel Market Situation

In the parallel market, the Pound continues to trade above the official rate, though conditions are far calmer than the volatility seen toward the end of 2025. In key cities such as Lagos and Abuja, Bureau De Change operators are selling the Pound within the range of ₦2,015 to ₦2,030.

The spread between the official and unofficial markets has remained largely unchanged this week.

According to traders, demand for the Pound is mainly fueled by school fees, travel expenses, and personal remittances.

The lack of intense speculative pressure has helped keep rates relatively steady, even as slight movements occur in the official market.

Exchange Rate Snapshot

NFEM (Official) Opening Rate: ₦1,927.89

NFEM (Official) Mid-Morning Rate: ₦1,933.41

Parallel Market Rate: ₦2,015 – ₦2,030