The British Pound Sterling began the first Monday of February 2026 with a slight rise against the Naira in Nigeria’s foreign exchange market, marking a cautious start to the new month after a week of relative calm.
As trading resumed, the Naira came under mild pressure in the official window, even as the parallel market maintained its usual range.
Official Market Update
In the Nigerian Foreign Exchange Market (NFEM), the Pound opened trading at ₦1,908.75. It briefly climbed to ₦1,916.86 in early hours before easing to around ₦1,909.72 per Pound by mid-morning on February 2.
This slight uptick represents a modest gain from the previous close near ₦1,906. Market observers attribute the movement to routine early-month adjustments, as businesses and individuals resume international transactions at the start of a new quarter.
Despite the increase, the Pound remains below last week’s average of ₦1,932, suggesting that the Naira’s broader stabilization trend remains intact.
Parallel Market Trends
Across major cities like Lagos and Abuja, the Pound traded between ₦1,980 and ₦2,010 in the parallel market. Bureau De Change operators noted steady activity but said supply levels were healthy enough to prevent sharp price movements.
Although rates in some areas briefly dipped below the ₦2,000 mark, demand from individuals paying school fees and funding travel expenses continues to sustain the informal market.
Summary of Opening Rates:
- NFEM (Official) Opening: ₦1,908.75
- NFEM (Official) Current: ₦1,909.72
- Parallel Market Range: ₦1,980 – ₦2,010
Looking ahead, analysts say the Pound-Naira exchange will hinge on the pace of foreign inflows into the official market this week. With inflation gradually moderating and the Central Bank of Nigeria (CBN) sustaining its liquidity management efforts, the Naira is expected to remain relatively firm despite short-term demand pressures.
