The Nigerian naira traded relatively stable against the British Pound Sterling on Thursday, May 28, 2026, across both the official and parallel foreign exchange markets amid improving liquidity conditions and sustained interventions by monetary authorities.
Market data showed that the Pound exchanged around ₦1,840 to ₦1,855 at the official market, reflecting marginal fluctuations compared to previous trading sessions.
Currency tracking platforms also indicated that the GBP/NGN pair remained within a relatively narrow trading band during the day’s transactions.
At the parallel market, commonly referred to as the black market, the Pound traded higher, with dealers quoting rates around ₦1,870 to ₦1,890 depending on location and transaction volume.
Market participants attributed the gap between official and parallel market rates to persistent foreign exchange demand pressures and limited retail forex supply.
Analysts said the relative stability of the naira against the Pound reflects gradual improvements in Nigeria’s foreign exchange market following recent policy reforms and liquidity-enhancing measures introduced by the Central Bank of Nigeria.
The Pound-to-naira exchange rate continues to be influenced by movements in the global GBP/USD market, foreign exchange inflows, external reserves position, and demand for foreign currency from importers, travelers, manufacturers, and international payment users.
Currency traders noted that while volatility has moderated in recent weeks, pressure on the naira remains sensitive to external market conditions and domestic dollar liquidity levels.
The British Pound remains one of the most sought-after foreign currencies in Nigeria due to strong trade, education, healthcare, and travel links between Nigeria and the United Kingdom.
