BREAKING: Naira Strengthens Against Dollar As Pound Falls Below ₦2000 Mark In Friday Trading
The British Pound Sterling (GBP) slipped further against the Nigerian Naira (₦) during Friday morning trading on February 6, 2026, as the local currency continued to assert dominance across both official and parallel markets.
Official Market Performance
At the Nigerian Foreign Exchange Market (NFEM), the Pound opened at ₦1,848.61 and climbed slightly to a mid-morning rate of ₦1,854.02 per Pound.
This movement reflects a steady appreciation of the Naira compared to levels recorded earlier in the week.
Market analysts attribute the Naira’s resilience to the Central Bank of Nigeria’s (CBN) effective management of the Electronic Foreign Exchange Matching System (EFEMS) and a rise in foreign reserves. Improved transparency in the official market has also enhanced price stability, reducing the volatility typically seen toward week’s end.
The Naira also gained ground in the parallel market, where the Pound traded between ₦1,930 and ₦1,955 across major cities including Lagos (Ikeja and Broad Street), Abuja, and Port Harcourt.
Although a small premium persists between the official and unofficial exchange rates, the gap has narrowed significantly. Currency traders report that demand for Pounds—often driven by school fees and travel expenses—has been easily met by current supply levels, limiting speculative activity and supporting the Naira’s upward momentum.
Key Trading Highlights
- NFEM Opening Rate: ₦1,848.61
- NFEM Current Rate: ₦1,854.02
- Parallel Market Range: ₦1,930 – ₦1,955
As trading heads into the weekend, the Naira’s outlook remains strong, with analysts predicting that if current trends persist, the local currency will maintain its lead against the Pound into the second week of February. Investors and traders are now watching closely for the day’s final closing figures, which will set the tone for weekend and cross-border transactions.
