• Official/online rate: £1 ≈ ₦2,065.96
• Parallel/black market rate: £1 ≈ ₦2,000 – ₦2,100

Key points:

• The official rate provides a benchmark for banks and licensed FX channels.
• The parallel market shows a wider range due to higher demand, limited supply, and remittance/overseas payment pressures.
• Example: £100 costs about ₦206,596 through formal channels, but could cost around ₦210,000 on the street market.
• Using licensed banks or authorised dealers is recommended to reduce risk and cost.

Context:

• The 2025 average for £1 in Nigeria is ₦2,021.28.
• Continued pressure on the pound-naira rate is expected if import and overseas payment demand remains strong.