Pound to Naira exchange rate today, January 16, 2026

​The Nigerian foreign exchange market continues to show dynamic movement today, January 16, 2026, as the British Pound Sterling (GBP) maintains its volatile position against the Nigerian Naira (NGN). Traders and businesses are closely monitoring both the official Nigerian Foreign Exchange Market (NFEM) and the unofficial parallel market for the latest valuation.

​Official Market Performance (NFEM)

​As of the morning of January 16, the British Pound is trading at an average of 1,906.47 NGN in the official window. The day opened with the Naira slightly stronger, but intra-day fluctuations have seen the rate move between a low of 1,902.63 NGN and a high of 1,907.59 NGN.

​This narrow trading band suggests a period of relative stability in the official segment compared to previous weeks, though the rate remains significantly elevated compared to historical averages. The NFEM rate is primarily influenced by official liquidity injections from the Central Bank of Nigeria (CBN) and demand from large-scale corporate importers.

​Parallel Market Trends

​In the parallel (black) market, the exchange rate continues to carry a premium over the official figures. Reports from various Bureau De Change (BDC) hubs in Lagos and Abuja indicate that the Pound is being bought and sold at rates notably higher than the NFEM quotes, often crossing the 1,950 NGN threshold depending on the volume of the transaction and local availability.

​The spread between the official and parallel rates remains a point of concern for analysts, as it continues to drive speculative activity and impacts the cost of imported goods and services for the average Nigerian consumer.

​Key Market Drivers

​Several factors are contributing to the current exchange rate landscape:

Foreign Reserves: Investors are keeping a close watch on Nigeria’s external reserves, which dictate the CBN’s ability to intervene in the market.

Inflationary Pressures: Continued domestic inflation is putting downward pressure on the Naira’s purchasing power.

Global Oil Prices: As Nigeria’s primary source of foreign exchange, any shift in global crude prices directly impacts the supply of Dollars and Pounds in the local market.

​Market participants expect the rates to remain sensitive to any policy announcements from the fiscal or monetary authorities as the day progresses.

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