The British Pound recorded a marginal gain in the Nigerian Foreign Exchange Market on Tuesday, January 13, 2026, as the naira continued to trade within a band of moderate volatility.
Data from the Nigerian Foreign Exchange Market showed that the official exchange rate for the Pound Sterling opened at ₦1,901.49 and later traded at a mid-market rate of about ₦1,917.87.
This represented a slight increase of 0.01 per cent compared with the previous day’s closing rate of ₦1,917.74.
Within the official trading window, the Pound recorded a daily high of ₦1,921.29 and a low of ₦1,903.40, highlighting ongoing price discovery efforts by the Central Bank of Nigeria as it works to stabilise the local currency.
In the parallel market, also known as the black market, the Pound continued to trade at a premium relative to the official rate.
Currency dealers in Lagos and Abuja reported buying rates starting from ₦1,965, while selling rates climbed to as high as ₦1,980.
Although the gap between the official and parallel market rates remains a concern for investors and currency watchers, the spread has narrowed slightly when compared with the wider fluctuations recorded towards the end of 2025.
Market analysts attributed the relative calm in the official window to sustained liquidity injections, even as demand for the British Pound remains elevated due to foreign tuition payments and international trade transactions.
A comparison with the same period last year showed that the naira has depreciated by approximately 1.18 per cent against the Pound.
On January 13, 2025, the exchange rate stood at ₦1,895.48, indicating a gradual weakening of the local currency over the past year.
However, the naira has recovered modestly from its recent 90-day low of ₦1,975, a development that has fuelled cautious optimism among market participants.
The Naira maintained relative stability in early trading on Tuesday, January 13, 2026, as the local currency traded within a narrow band against the United States Dollar in both the official and parallel foreign exchange markets.
At the Nigerian Foreign Exchange Market, the Naira opened trading at about 1,424.24 to the dollar. Real-time data from the authorised trading platform showed mild intraday movements, with the exchange rate touching a high of 1,425.56 and dipping to a low of 1,422.99 during the morning session.
The current trading pattern mirrors developments from the previous week, when the Central Bank of Nigeria recorded a weighted average exchange rate of 1,424.27 on January 9. Analysts say the calm reflects a consolidation phase, as participants respond to recent liquidity injections and signals from monetary policy authorities.
In the parallel market, the Naira exchanged between 1,450 and 1,465 to the dollar for cash transactions. The exact rate varied depending on location and transaction volume, highlighting a lingering but gradually narrowing disparity between the official and informal markets.
Bureau De Change operators in key commercial centres, including Lagos and Abuja, reported moderate demand for the dollar. They observed that speculative activities have eased significantly compared to the volatility recorded towards the end of 2025, although demand remains supported by holiday travel expenses and ongoing school fee payments.
Economic analysts noted that the direction of the Naira in the coming weeks will largely be shaped by the consistency of dollar supply to the NFEM and movements in global crude oil prices. Attention is also focused on the Central Bank of Nigeria’s foreign reserves, which continue to act as a crucial buffer for the domestic currency.
Although the current exchange rates represent a modest recovery from the peaks recorded in December 2025, the foreign exchange market remains highly sensitive to changes in domestic inflation figures and developments in Nigeria’s international trade position.
