The British pound traded at around ₦2,065.96 to £1 in Nigeria, according to current online currency converters.
On the black market, however, rates ranged between ₦2,000 and ₦2,100 per £1, showing the usual gap between official and street exchange rates.
What this means
Official rate: The ₦2,065.96 per £1 figure comes from online FX platforms and gives an idea of what banks or licensed merchants may charge.
Parallel market: Street traders and Bureau De Change operators typically offer slightly different prices — often higher — due to the tight supply of foreign exchange.
Why the rates differ
The difference between the official and black market rates is mainly caused by high demand for foreign currency — especially for travel, tuition, and import payments — and limited dollar or pound supply in the official window. Investors’ movements and remittances also affect the rates.
For consumers and importers
If you’re buying £100, you’ll need about ₦206,596 at the official rate.
On the black market, that same £100 could cost up to ₦210,000.
To save money, it’s better to use licensed banks or official FX channels whenever possible. If you must use the parallel market, compare several dealers and make sure they’re trustworthy.
Read Also;
Dollar to Naira exchange rate today, November 3, 2025
Market outlook
In 2025 so far, the average exchange rate has been £1 = ₦2,021.28. Analysts say the pound may stay strong against the naira if Nigeria’s demand for imports and foreign payments remains high.
