The British pound sterling maintained a steady position against the Nigerian naira on Tuesday, 13 January, reflecting a pause in recent market volatility, according to data from the NGNToday platform.
At the official foreign exchange window, the pound exchanged at N1,908, unchanged from the rate recorded on Monday, 12 January. Similarly, activity in the parallel (black) market showed the pound trading at N2,010, also holding the same level as the previous day. This consistency indicates a short-term equilibrium between demand and supply across both market segments.
From a data analysis perspective, the unchanged rates suggest that the marginal appreciation observed earlier has been successfully consolidated rather than reversed. The stability across consecutive trading sessions points to reduced speculative pressure on the pound, as market participants appear to be adjusting to prevailing liquidity conditions.
The narrow gap between successive daily rates highlights a moment of relative calm in Nigeria’s foreign exchange market, particularly for the pound, which is often sensitive to shifts in import demand, school fees payments, and international travel-related transactions. Analysts note that when both the official and black market rates move in tandem, or remain flat, it often signals improved market coordination or a temporary balance in FX inflows and outflows.
Despite this steadiness, the premium between the official rate and the black market rate persists, underscoring ongoing structural challenges within the FX framework.
The N102 differential continues to reflect unmet demand in the official window, pushing some users towards the parallel market.
Looking ahead, currency watchers will be monitoring policy signals, FX supply dynamics, and global economic cues that could influence the pound–naira pair in the coming days. For now, Tuesday’s data confirms that the British pound has found short-term support against the naira, maintaining its gains without further upward movement.
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