Naira in Fresh Freefall, Sinks Above ₦1,800 at Parallel Market

The Nigerian naira remained under sustained pressure on Saturday, April 4, 2026, as the British pound sterling climbed sharply in the parallel market, widening concerns over currency volatility.

Findings from currency traders indicate that the pound is currently exchanging between ₦1,870 and ₦1,920 per £1 at the black market, with some dealers quoting even higher rates in isolated transactions amid tight forex supply.

The latest figures highlight continued instability in the foreign exchange market, with the naira struggling to maintain value against major global currencies.

Gap Between Official and Parallel Markets

At the official window, rates remain relatively lower, trading within the range of ₦1,819 to ₦1,851 per £1, according to market estimates. However, the persistent gap between the official and parallel markets underscores ongoing distortions in Nigeria’s forex system.

Currency analysts say the disparity reflects sustained demand pressure for foreign exchange, limited dollar liquidity, and speculative activities in the parallel market.

Volatility Sparks Concerns

Traders describe the current market as highly volatile, with rates fluctuating rapidly within short periods. In recent days, the pound has reportedly crossed the ₦2,000 mark in some parallel market segments, signaling heightened uncertainty.

“The market is unstable. Rates change almost every hour depending on demand and supply,” a Lagos-based forex dealer said.

Economic Implications

The depreciation of the naira continues to raise concerns about inflation, import costs, and the overall cost of living, as Nigeria relies heavily on imported goods and services priced in foreign currencies.

Experts warn that unless forex liquidity improves and confidence is restored in the official market, pressure on the naira may persist in the near term.

Outlook

With global economic factors and domestic forex challenges still in play, market watchers expect continued fluctuations in the coming days, urging businesses and individuals to brace for further volatility.