The naira recorded mixed movements against the British pound across official and parallel market segments, reflecting continued foreign exchange supply constraints and sustained demand pressures in the market.
At the parallel market, data from Aboki FX showed that the pound sterling was sold at N2,021, underscoring persistent pressure on the local currency in the informal segment.
In contrast, the official market presented a significantly lower exchange rate. Central Bank of Nigeria (CBN) data showed that the pound stood at N1,424 on 23 January, before appreciating to M1,921 on 26 January, indicating notable volatility within a short trading window.
Market analysts attributed the wide disparity between the official and parallel market rates to ongoing liquidity challenges and uneven FX supply conditions, which continue to drive demand towards the black market.
Although official data showed some moderation in pricing, traders noted that access to pounds at the Nigerian Foreign Exchange Market (NFEM) remained constrained, sustaining pressure on the naira at the street market.
Analysts maintained a cautious outlook, noting that unless FX supply improves materially, the naira’s performance against the pound is likely to remain volatile, with the parallel market continuing to reflect underlying demand pressures more sharply.
Overall, market watchers expect pound–naira exchange rates to trade within a wide but predictable range in the near term, with movements largely influenced by FX liquidity conditions and policy direction at the official market.
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