The Nigerian naira traded mixed against the British pound sterling on Tuesday, June 16, 2026, across the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.
At the official market, the pound exchanged at approximately ₦1,849.50/£1, based on prevailing cross-currency rates derived from the Central Bank of Nigeria’s foreign exchange data and international currency market movements.
Meanwhile, in the parallel market, also known as the black market, the British pound traded at around ₦1,900 for buying and ₦1,930 for selling, reflecting continued demand for foreign currencies among importers, travelers and other end users.
The difference between the official and parallel market rates highlights the ongoing pressure on foreign exchange demand despite recent efforts by monetary authorities to improve liquidity and stability in the market.
Analysts noted that movements in the pound-to-naira exchange rate continue to be influenced by developments in the United Kingdom economy, global currency trends, crude oil earnings, foreign exchange inflows and monetary policy decisions by Nigerian authorities.
As of Tuesday, June 16, 2026, the prevailing exchange rates were:
• Official NFEM rate: about ₦1,849.50/£1
• Parallel market buying rate: about ₦1,900/£1
• Parallel market selling rate: about ₦1,930/£1
Market observers expect the naira’s performance against the pound and other major foreign currencies to remain dependent on foreign exchange supply levels and broader economic conditions in the coming days.
