Naira Faces Fresh Pressure as Pound Rate Sparks Market Attention

(Pound and Naira. Photo by Nigeria Housing Market)

The naira traded mixed against the British pound sterling on Tuesday, June 16, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.

At the official market, the pound exchanged at approximately ₦1,849.50/£1, based on prevailing cross-currency rates derived from the Central Bank of Nigeria’s foreign exchange data alongside international currency market movements.

In the parallel market, commonly referred to as the black market, the pound traded at around ₦1,900 for buying and ₦1,930 for selling, reflecting sustained demand for foreign currency among importers, travellers and other end users.

Currency traders noted that the pound remains one of the most sought-after foreign currencies in Nigeria, driven largely by demand for overseas school fees, medical expenses, business transactions and travel-related payments.

The gap between official and parallel market rates, they said, underscores the continued pressure on foreign exchange demand, despite recent efforts by monetary authorities to improve liquidity and stability.

Analysts attributed ongoing fluctuations in the pound-to-naira rate to a combination of factors, including developments in the UK economy, global currency trends, crude oil earnings, foreign exchange inflows and monetary policy decisions by Nigerian authorities.

As of Tuesday, prevailing rates stood at approximately ₦1,849.50/£1 at the official market, with the parallel market quoting around ₦1,900/£1 for buying and ₦1,930/£1 for selling.

Market watchers expect the naira’s performance against the pound and other major currencies to remain largely dependent on foreign exchange supply levels and broader economic conditions in the days ahead.