The British pound continued to trade strongly against the naira on Monday, with the mid-market rate hovering between ₦1,890 and ₦1,950 per £1. On the street, however, parallel-market dealers are selling as high as ₦2,030 per £1, depending on location and demand.
Key Rates
Mid-market/online rate: ₦1,890–₦1,950 per £1
Parallel market (buy/sell): About ₦1,900–₦2,030 per £1
Why the Pound Is Strong
Two major factors are driving the movement: global strength in the British pound and Nigeria’s ongoing FX supply issues.
Demand for pounds in the cash-heavy BDC market continues to outstrip available supply, causing the wide gap between online/official rates and street prices.
Despite this, the naira has been relatively stable in official markets in recent weeks, helping keep mid-market conversions from rising too sharply.
What This Means for Nigerians
People paying for UK tuition, travel, online services, or sending money to the UK may get better rates using official channels rather than buying cash from BDC operators.
Businesses with pound-denominated expenses must factor in the higher street rate when planning costs.
For those using official or mid-market rates, the current stability in the mid-₦1,900s offers a bit more predictability than earlier in the year — though the black-market remains volatile.
Throughout 2025, the pound-to-naira rate has moved between ₦1,800 and ₦2,100, depending on the market. Today, most online converters still show values close to ₦1,890 per £1.
Read Also;
Dollar to Naira exchange rate today, November 10, 2025
What to Watch
Any new updates or policy changes from the Central Bank of Nigeria or the NFEM.
Movements in the parallel market that could widen or shrink the current spread.
Global trends affecting the strength of the British pound.
