…the Pound opened at ₦1,848.61.
ABUJA, NIGERIA- The iNews Times | The British Pound Sterling (GBP) weakened against the Nigerian Naira during early trading on Friday, February 6, 2026. On the final trading day of the week, the Naira sustained its upward momentum, keeping the Pound well below the ₦2,000 mark across both official and parallel markets.
At the Nigerian Foreign Exchange Market (NFEM), the Pound opened at ₦1,848.61. The exchange rate recorded steady movement in the morning session, climbing to a high of ₦1,854.02 by mid-morning. This movement highlights a notable strengthening of the Naira compared with earlier levels this week.
Market analysts say the improved performance reflects growing stability within Nigeria’s foreign exchange system. They attribute the trend to the Central Bank of Nigeria’s (CBN) effective oversight of the Electronic Foreign Exchange Matching System (EFEMS), alongside rising foreign reserve levels. Enhanced transparency within the NFEM has also encouraged more accurate price discovery, helping to curb the sharp fluctuations often seen toward the end of the trading week.
A similar trend was observed in the parallel market, where the Pound continued to lose ground in major trading centres including Lagos (Ikeja and Broad Street), Abuja and Port Harcourt. Bureau De Change operators quoted the Pound within the range of ₦1,930 to ₦1,955.
Although the parallel market still trades at a premium, the gap between official and unofficial rates narrowed considerably on Friday. Traders noted that demand for the Pound usually driven by school fees and travel needs was adequately matched by available supply. Reduced speculative activity has further supported the Naira’s gains, creating a more stable environment for retail buyers.
Exchange Rate Snapshot
<span;>NFEM (Official) Opening Rate: ₦1,848.61
<span;>NFEM (Official) Current Rate: ₦1,854.02
<span;>Parallel Market Range: ₦1,930 – ₦1,955
As trading heads into the weekend, sentiment around the Naira remains positive. Should the current trend persist, the local currency is expected to begin the second week of February on a strong footing against the British Pound. Market participants are closely watching the day’s closing figures, which will guide cross-border transactions over the weekend.
