On February 6, 2026, the British Pound Sterling (GBP) depreciated in value relative to the Nigerian Naira during the Friday morning trading session. The Naira has maintained its resilience as the week’s last trading day approaches, driving the pound farther away from the 2,000 mark in both official and black markets.
Official Trends in the Market
The British pound began trading at 1,848.61 to the naira on the Nigerian Foreign Exchange Market (NFEM). The rate moved steadily after the opening bell, peaking at 1,854.02 in the middle of the morning. When compared to rates observed earlier in the week, this indicates a notable increase in the value of the Naira.
The performance of the official market is indicative of the general stability of Nigeria’s foreign currency market. The Central Bank of Nigeria’s (CBN) effective administration of the Electronic Foreign Exchange Matching System (EFEMS) and a significant increase in foreign reserve levels are credited by financial analysts with this positive turn for the Naira. A more organic price discovery has been made possible by the NFEM’s enhanced transparency, which has also lessened the volatility that is frequently observed at the end of the trading week.
Concurrent Market Conditions
The Naira’s bullish trend has been reflected in the parallel market, with the pound sterling declining in important commercial centers. Bureau De Change operators are currently offering the pound between 1,930 and 1,955 in Lagos (Ikeja and Broad Street), Abuja, and Port Harcourt.
The difference between the official and parallel rates has significantly decreased this Friday, even though the informal sector still maintains a premium. The demand for the pound, which is usually high for personal travel and school tuition, is reportedly easily satisfied by current supply levels, according to traders. Because there hasn’t been any speculative buying, the Naira has been able to sustain its momentum, giving retail currency purchasers a more stable environment.
An overview of trading rates
Official NFEM Opening: 1,848.61
The prognosis for the Naira is still favorable as the market gets closer to the weekend. The local currency is predicted to start the second week of February in a strong position relative to the British pound if the current trend continues. The day’s final closing numbers, which will establish the standard for international transactions over the weekend, are being closely watched by investors.
