Pounds (GBP) To Naira (₦) Black Market Rate Today
Pounds (GBP) To Naira (₦) Black Market Rate: Are you interested in knowing the exchange rate of pounds to Naira for today? Well, do not worry as we will be giving you a recent update on that below. In Nigeria, we can see that the exchange rate of pounds to Naira is increasing drastically and as of today, the exchange rate has not reduced in any form.
The Pound and Naira exchange rate has been updated based on the exchange rate in Lagos rather than the Abokifx exchange rate. So if you have the intention of buying a Pound, you will buy it at the rate of N1443 on the black market.
If you have some pounds to exchange, you will be exchanging it at the rate of N1420. In order to be specific on the amount and also bring the accurate amount of exchange rate, we had to check what rates dealers are selling the pounds to Naira Exchange rate at Lagos and Abuja respectively, we got to discover, and you can sell your pound at the rate of N1420 and buy the pound at the rate of N1443.
If you wish to get more information on the Black market exchange rate of Pounds to Naira, then you are on the right page. In this guide, I will provide insights on the Pounds (GBP) To Naira (₦) Black Market Rate Today. To get more insights, I suggest you stay on this page as all information will be provided below.
Pounds (GBP) To Naira (₦) Black Market Rate Today
At the Black Market today, the local currency (Abokifx) opened at the rate of N1,440.00 per $1 and in Lagos Nigeria, it was N1,450.00.
|Dollar to Naira (USD to NGN)
|Black Market Exchange Rate Today
|Amount in Pounds
According to this table, this means that if you wish to convert 10 Pounds to Naira, you will be getting about N14,500 in Nigeria and if you intend to exchange 1000 Pounds for Naira, you will get about N1,455,000 in Nigeria.
This is one reason you see some many people seeking to get them work that could pay them in Pounds if it is being exchanged in Nigeria it is actually a huge amount of money.
It is important to note that even when the dollar to Naira rate is opened at N1140 per $1 in the Black Market today, the Central Bank of Nigeria (CBN) does not acknowledge the Black Market which is also referred to as the parallel market. The CBN has instructed all individuals in need of forex to approach the banks below as their I&E window is the sole recognized exchange.
As of Tuesday, November 21st, 2024, individuals at the black market had purchased one US dollar at the exchange rate of N1140 and sold it for N1135. This shows that the value of the Naira had declined when it is being compared to that of Monday, November 20th, 2024 when the local currency was exchanged at the rate of N1135 to a dollar and a dollar was exchanged at the rate of N1130.
Central Bank of Nigeria (CBN) Naira Exchange Rate for Banks
Factors Influencing Foreign Exchange Rates
Here are some of the causes of why the exchange rate from Pounds to Naira is seen the way it is.
Government Debt: National Debt is one reason why the exchange rate is seen this way. If the national debt can impact the confidence of the investors, it can also lead to the influx of funds into the economy. If the Inflows are high on this end, the exchange rate will be in favor of the Naira but if it is not, it won’t be in Naira’s favor.
So deviating from national debt can be one of the help needed to make sure the exchange rate favors Naira.
Conditions of Trade: Trade conditions are also one reason why the exchange rate for Naira is not favorable. If we have a favorable trade term, it will help increase the value of Naira to Pounds.
However, Nigeria is currently experiencing a trade deficit which is considered to be bad for the exchange rate to favor Naira.
We can all see to it that almost all products are being imported into the country from countries like China, India, and the majority of Asian Countries, and very little goes out as income to the country.
If the country keeps sending, it will not favor those in the country. With these, the exchange rate will not favor Naira.
Inflation Rates: Inflation is also one reason why the exchange rate is not favorable. It has come to our notice that inflation directly has impacts on Black Market exchange rates. If only the Nigerian economy and inflation can be controlled, the Naira will benefit from it.
However, if Naira continues to fall as it is falling, this will likely mean that food and many other necessities will continue to be much more expensive every day.
Interest Rates: Another tool that can harm the economy or make the exchange rate not favor Naira is the Interest Rates. If the interest rates at which banks lend money rise, it will be harmful to the economy thereby causing the value of the Naira to fall but if the interest rate is very favorable, it will be an additional advantage to the economy in the country.
To all those who had an interest in knowing how much the exchange rate from Pounds to Naira is, well the current exchange rate to buy a Pound is N1,440 and the selling rate of the Pound is N1,410 at the Black Market. If you wish to get more guides on it, you can simply check our page above. If you have any difficulties, you can simply DROP A COMMENT and we will reply.
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