Naira-pound rate jumps in parallel market, depreciates officially
The exchange rate involving the Nigerian Naira and the British Pound Sterling showed mixed trends on Monday, December 15, 2025, in both the official and parallel markets.
In the official Nigerian Foreign Exchange Market, the Pound Sterling was trading at an average of ₦1,936.86 per Pound as the morning trading session came to an end.
This particular rate reflects the current value utilized by investors and exporters engaged with the formal foreign exchange system.
Market data during the initial trading hours revealed a slight depreciation of the Naira against the Pound in comparison to the closing rates from the previous day. Traders are closely monitoring the NFEM, anticipating improvements in liquidity and possible intervention from the Central Bank of Nigeria.
At the same time, the parallel market, popularly known as the black market, quoted a significantly higher exchange rate for the Pound Sterling. Traders in major urban areas like Lagos and Abuja were reportedly purchasing the Pound at approximately ₦1,940, ₦1,950, and selling it at an average of ₦1,970 per Pound.
The notable difference between the official NFEM rate and the parallel market rate continues to persist. This ongoing discrepancy underscores the continuous demand for foreign exchange, which is not being sufficiently met through formal banking channels. The elevated rate in the parallel market often plays a significant role in influencing the overall expenses related to imported goods and services within the nation.
Today's specific fluctuations in exchange rates are occurring amid global economic uncertainty and adjustments in domestic monetary policies. Financial analysts indicate that various factors, including changes in crude oil prices, the current state of the country’s foreign reserves, and the Central Bank of Nigeria’s ongoing efforts to stabilize the Naira and unify the various exchange windows, are impacting the rate movements.
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