Pounds to Naira Black Market Exchange Rate Today | GBP to Naira
Do you want to know the latest pound £ Exchange Rate to Naira? if yes then you are at the right place. if you desire to travel abroad it is needful to that you understand the current exchange rate of the British Pound Sterling to the Nigerian Naira.
Numerous Nigerians prefer to convert foreign currency, particularly British pounds sterling to naira, on the black market since the exchange rate is much higher than what the bank gives. If you want to know what the current black market rate is read here and see the latest rate.
In this post, we will explain all you need to know about the GBP to NGN exchange rate as well as the current pound sterling to naira conversion rate, both the black market rate and the CBN rate. You may convert your GBP to Naira at this rate or at the parallel market or at the most recent black market rate.
You can quickly check each rate for the currencies you wish to exchange in the black market by using the Aboki fx pounds to the naira exchange rate that has also been placed here. The most reliable source for current black market pounds to naira exchange rates is Aboki FX. Their latest exchange rate is available here.
The black market exchange rate for Pounds to naira is currently different from that of the CBN and other banking sectors.
On the official website of the Central Bank of Nigeria, www.cbn.gov.ng, you may sell or buy pounds for naira at the CBN exchange rate. The Central Bank of Nigeria’s (CBN) exchange rate for pounds is never greater than the black market rate.
Pound Sterling to Naira Today Exchange Rate
The table below shows you the latest exchange rate of the British Pound Sterling to the Nigerian Naira.
| Pounds to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦748 |
| Selling Rate | ₦740 |
Currently, the Naira trades for N750 for £1 on the black market as abokiFX clears foreign exchange data. Please be aware that the Central Bank of Nigeria does not acknowledge the black market (also known as the parallel market), and it is advised that anybody interested in trading in foreign exchange first contact their local banks.
How Much is Pounds £ to Naira Official Exchange Rate Today
The parallel exchange rate (black market rate) generally differs from the CBN rate. The Naira is now trading at 573 Naira per Pound. The Pound to Naira exchange rate has a significant impact on the Nigerian economy.
As the Naira falls in value, devaluation takes over the economy, which typically has a negative impact on residents. sequel to this, The governor of the Central Bank of Nigeria, Godwin Emefiele, has urged Nigerians to work toward a significant restructuring of the country’s economy.
What do you think about the Pounds to Naira Black Market Exchange Rate Today, tell what you think and how the Government can work with the CBN to provide reasonable GBP to naira rates in the future.
FAQs
What is the current exchange rate for pounds to naira on the black market?
As of today, the exchange rate for pounds to naira on the black market is fluctuating. It’s essential to check with reliable sources or currency exchange platforms for the most accurate and up-to-date rate.
Why is there a difference between the black market exchange rate and the official exchange rate?
The black market exchange rate often differs from the official rate due to various factors such as supply and demand dynamics, economic conditions, government policies, and market speculation. The black market rate typically reflects the prevailing rates in informal currency trading, where factors like scarcity of foreign currency and market sentiment play significant roles.
Is it legal to exchange pounds for naira on the black market?
Engaging in currency exchange on the black market is often considered illegal in many jurisdictions. It’s essential to adhere to the regulations and laws governing currency exchange in your country. In most cases, it’s advisable to use official channels like banks and licensed currency exchange bureaus to conduct foreign exchange transactions.
How can I protect myself from scams when exchanging pounds to naira on the black market?
When exchanging currency on the black market, it’s crucial to exercise caution to avoid falling victim to scams. Only conduct transactions with reputable and trusted individuals or exchange services. Verify the authenticity of the currency and ensure that the exchange rate offered is fair and reasonable. Additionally, be wary of deals that seem too good to be true and avoid exchanging large sums of money with unfamiliar or unverified sources.
