The British Pound maintained a firm footing against the naira on Monday, 12 January, reflecting continued stability in Nigeria’s foreign exchange market, according to data obtained from the NGNToday platform.
At the official market, the pound exchanged at N1,908, showing no change from the previous trading session. This steady close follows an appreciation recorded on Sunday, 11 January, when the currency strengthened from earlier levels, reinforcing a short-term trend of resilience in the official window.
Similarly, the black market rate for the pound settled at ₦2,010, unchanged on the day. The parallel market has also sustained gains made in the prior session, indicating a pause in volatility after recent upward adjustments. The convergence of stability across both segments suggests a temporary balance between demand pressures and available foreign currency supply.
Market analysts note that the absence of fresh depreciation signals cautious optimism among traders, especially as speculative activity appears muted. The pound’s performance reflects broader sentiment in the FX market, where participants are closely watching policy signals, foreign inflows, and demand from import-dependent sectors.
While the spread between the official and black market rates remains wide, the lack of daily movement points to a consolidation phase rather than aggressive price discovery. This trend may offer short-term predictability for businesses and individuals with pound-denominated obligations, particularly those involved in international trade, education, and travel.
However, experts caution that sustained stability will depend on consistent dollar liquidity, effective FX management, and broader macroeconomic support. Any disruption in these factors could quickly translate into renewed pressure on the naira across major currencies, including the pound.
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