As of 11 August 2026, the official CBN pound-to-naira rate sits near ₦1,837.83/£ (NFEM publish, 10 August 2026), while the parallel (“black”) market trades around ₦1,870 (buy) and ₦1,900 (sell) per pound across Lagos, Kano, Abuja, and Port Harcourt.
The official–parallel spread is roughly ₦32–62 per pound. The figures on this page refresh automatically from the CBN’s daily publish and parallel-market trader quotes.
Today’s pound-to-naira rate (11 August 2026)
| Market | Buy (£1) | Sell (£1) |
|---|---|---|
| Official (CBN / NFEM window) | ~₦1,837 | ~₦1,839 |
| Parallel / black market (Lagos) | ₦1,870 | ₦1,900 |
| Bank rate (cards / online) | ~₦1,847 | ~₦1,867 |
Buy price — what street BDCs and banks pay you for your pounds.
Sell price — what they charge you to buy pounds from them.
Parallel-market figures are user-submitted, indicative quotes aggregated from BDC trackers; treat them as a guide, not a fixed price. The verifiable mirror of CBN’s daily publish is ngnrates.com.
Where to check the live rate
- CBN Exchange Rate Page: cbn.gov.ng/rates/ExchRateByCurrency.html — official rate, refreshed on trading days (CBN does not publish every calendar day).
- FMDQ: fmdqgroup.com/exchange — NAFEM closing rate for inter-bank trades.
- Your bank’s mobile app: the rate banks use to settle international card transactions (usually CBN rate plus a margin of 0.5–1%).
- Parallel-market trackers: NGNRates, AbokiFX, Naira Rates.
Sending pounds from the UK to Nigeria
Since a January 2024 CBN directive, remittances are paid out in naira to a bank account (or in cash only below a $200 equivalent). So the exchange rate your app offers matters more than its advertised fee.
- LemFi — no flat transfer fee on the Nigeria corridor; it earns from the exchange-rate margin. Transfers usually land in minutes.
- Wise — resumed naira payouts in September 2024, GBP to NGN only. The Wise debit card is not available to Nigerian residents.
- MoneyGram — advertises transfer fees from about £0.99 on some UK–Nigeria sends.
- Sendwave — many transfers are fee-free; the cost sits in the exchange-rate margin.
- Western Union, Ria, TapTap Send — all active on the corridor; compare their rate on the day.
Compare one number: naira received per £100 sent. That single figure captures the fee, the rate margin, and any payout charge at once. Check it against the parallel rate above before you send.
How to buy pounds in Nigeria
1. Through your bank (PTA / BTA)
Banks sell travel forex at the official rate plus a small margin — in dollars, pounds, or euros under the same allowance. You’ll need an international passport with a valid visa and a return ticket.
- PTA (personal travel): $4,000-equivalent per quarter, age 18+.
- BTA (business travel): $5,000-equivalent per quarter. You can’t claim both for one trip.
- Only 25% is paid in cash — the rest loads onto a prepaid card or electronic channel.
2. Domiciliary account
Open a GBP domiciliary account with any major Nigerian bank. Receive pound transfers, pay UK school fees or rent, or sell pounds to your bank at prevailing rates.
3. Licensed Bureau de Change
CBN-licensed BDCs sell with valid ID. The rate sits between the official and parallel rate.
4. Parallel market
Faster but unregulated. Count cash, verify notes, and avoid carrying large amounts in public.
Why the pound costs more than the dollar
£1 buys about $1.35 on the global market. Multiply that through the dollar-to-naira rate and the pound lands higher. Nothing about the naira makes the pound “stronger” — the GBP/USD cross does.
The same forces that move the dollar rate move the pound rate: FX supply at the official window, oil earnings, remittance flows, and CBN policy. The full breakdown is in our dollar-to-naira guide.
How the rate got here
- June 2023 — FX unification. The CBN floated the naira and merged its exchange windows. The official dollar rate jumped from ₦464.5 to ₦708 within a week, and the pound repriced with it.
- 2024 — the volatile year. The pound averaged about ₦1,889 but swung between roughly ₦1,107 and ₦2,239 over the year (exchange-rates.org data).
- 2025–2026 — a narrower band. External reserves near $48B and steady CBN policy have kept the pound in the ₦1,800s for most of 2026, with a tight official–parallel spread.
FAQs
What is the pound to naira rate today?
Official: ~₦1,837.83 (NFEM, 10 August 2026). Parallel: ₦1,870 (buy) and ₦1,900 (sell) as of 11 August 2026.
Why is the pound worth more than the dollar in Nigeria?
Because £1 buys about $1.35 on the global FX market. Converting that through the naira-dollar rate produces a higher naira figure for the pound.
Is it legal to buy pounds on the black market?
Buying foreign currency for personal use is not criminal in Nigeria, but unlicensed bulk dealing is. Keep receipts when buying through licensed BDCs.
What is the cheapest way to send pounds to Nigeria?
App-based transfer services usually beat bank wires and cash pickup on both rate and fees. Compare naira received per £100 across two or three apps against the parallel rate before sending.
Where can I sell pound cash in Nigeria?
Licensed BDCs and your bank give the best rates. Avoid hotel desks and airport counters — they offer the worst rates.
Read also:
Nigerian currency: naira and kobo explained
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