Pound to Naira exchange rate today, January 19, 2026

The Nigerian Naira is currently navigating a complicated trading landscape against the British Pound (GBP) as markets commenced operations on Monday, January 19, 2026. Data from both the official Nigerian Foreign Exchange Market (NFEM) and the informal parallel market reveal a persistent disparity between regulated and open-market rates.

Official Market Trends (NFEM)
In the official market, the British Pound started the day with moderate fluctuations. In the early morning hours, the exchange rate on the Nigerian Foreign Exchange Market was noted at approximately 1,903.36 Naira per Pound.

This indicates slight variations from the opening price of 1,901.50 Naira recorded earlier today. During the early session, the rate peaked at around 1,907.15 Naira before stabilizing close to the 1,903 mark. The NFEM remains the primary avenue for government-sanctioned transactions, although liquidity continues to be a key concern for institutional investors.

Parallel Market Developments
The parallel market, commonly known as the black market, continues to operate at a premium compared to the official rate. While the NFEM hovers around the 1,900 Naira mark, informal traders in major cities such as Lagos, Abuja, and Kano are quoting rates that are significantly higher.

Currently, the British Pound is being traded in the parallel market within a range of 2,150 to 2,210 Naira. This discrepancy of over 250 Naira between the official and unofficial markets underscores the ongoing demand for foreign exchange that surpasses the current official supply.

Factors Influencing the Rate
Several economic elements are affecting the current exchange rate situation:

Foreign Reserves: Investors are closely monitoring Nigeria’s foreign reserve levels, which influence the Central Bank’s capacity to intervene in the market.

Inflationary Pressures: Domestic inflation continues to affect the purchasing power of the Naira, prompting individuals to seek stronger “hard” currencies such as the Pound.

Monetary Policy: Market participants are awaiting further signals from the Central Bank regarding interest rate adjustments, which often correlate with currency stability.

​As the trading day progresses, the gap between the NFEM and the parallel market will likely remain a key indicator of the Naira’s overall health.