Pound Sterling Hits ₦2,065.96 in Nigerian Market

The British pound sterling has reached approximately ₦2,065.96 in the Nigerian market, according to current online currency conversion services.

This rate serves as a benchmark for formal bank or merchant pricing.

In contrast, the parallel market rate ranges from ₦2,000 to ₦2,100 per £1, highlighting the persistent gap between official and informal rates.

The divergence is driven by factors such as elevated demand for sterling, constrained foreign currency supply, and fluctuating investor and remittance flows.

For individuals and businesses, relying on the informal market can be costly.

For example, £100 would cost around ₦206,596 at a formal channel, but rises to ₦210,000 on the informal market.

To minimize costs, it’s advisable to use licensed banks or authorized FX channels.

Historical data shows the average £1 = ₦2,021.28 in the Nigerian FX market in 2025.

Forecasts suggest the pound-naira pairing may continue to experience pressure, especially if demand for imports and overseas payments remains strong.