The British pound closed trading on Thursday, 15 January, on a largely stable note against the Nigerian naira, with contrasting movements recorded across the official and black market segments, according to data from the NGNToday platform.
At the official foreign exchange window, the pound strengthened slightly to N1,913, improving on the N1,908 recorded on Wednesday, 14 January. The modest appreciation highlights continued firmness in institutional pricing, suggesting sustained demand within regulated FX channels.
In contrast, the parallel market reflected a different adjustment pattern. While the pound remained steady on Thursday at N1,995, the rate marked a decline from the previous day’s N2,010. This downward correction indicates easing pressure in the informal market, possibly driven by improved dollar and pound liquidity or reduced speculative activity.
A data comparison between both markets shows a narrowed spread of N82, down from N102 a day earlier. The contraction in this gap signals a short-term alignment between official and street-level pricing, an outcome often associated with calmer market sentiment.
Analysts note that the pound’s performance reflects a consolidation phase rather than volatility. The official market’s upward adjustment suggests confidence in structured FX supply, while the black market’s pullback points to softer demand or increased availability of foreign currency.
For businesses and individuals with pound-denominated obligations, such as importers, students, and overseas remittance recipients, the current pricing offers a clearer planning window. However, market watchers caution that the balance could shift quickly, as external economic indicators and domestic policy signals remain influential.
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