Hello Folks! Are you interested in learning more about the current Pound to Naira black market exchange rate today?
The exchange rate between the British Pound Sterling (GBP) and Nigerian Naira (NGN) is constantly changing due to various economic factors such as inflation, interest rates, and political stability. The black market exchange rate refers to the rate at which currencies are traded unofficially outside of the regulated banking system.
As of today, the Pound to Naira black market exchange rate is fluctuating around 650 NGN to 1 GBP. However, it is important to note that these rates are not official and can vary widely depending on the location and specific circumstances of the transaction.
It is also important to note that using the black market to exchange currency can come with risks and uncertainties, such as counterfeit notes or illegal transactions. It is always recommended to exchange currency through authorized channels and to be aware of the official exchange rate.
The current exchange rate between the Pound Sterling and the Nigerian Naira on the official market is around 515 NGN to 1 GBP. However, due to restrictions and difficulties in obtaining foreign currency through official channels, many Nigerians turn to the black market for currency exchange.
The black market exchange rate is determined by various factors such as supply and demand, government policies, and the overall state of the economy. It is often higher than the official exchange rate, as currency dealers seek to profit from the scarcity of foreign currency in the country.
It is important to note that using the black market to exchange currency comes with risks and uncertainties, such as the possibility of receiving counterfeit notes or being involved in illegal transactions. Therefore, it is always recommended to exchange currency through authorized channels and to be aware of the official exchange rates.
It’s also worth noting that the exchange rate can vary depending on the location and the currency dealer. In some parts of Nigeria, the Pound to Naira black market exchange rate may be higher or lower than in other areas. It’s important to do your research and compare rates before making any currency exchange transactions.
CHECK OUT: Dollar (USD) to Naira Black Market Rate Today 2023 Aboki
The Great Britain Pound Sterling (GBP)
The Great Britain Pound Sterling, also known as the Pound, is the official currency of the United Kingdom. It is the fourth most traded currency in the foreign exchange market after the US dollar, Euro, and Japanese yen.
The symbol for the Pound is “£” and the ISO code is “GBP”. One Pound is divided into 100 pence. Banknotes are available in denominations of 5, 10, 20, and 50 Pounds, while coins are available in denominations of 1p, 2p, 5p, 10p, 20p, 50p, £1, and £2.
The value of the Pound Sterling is influenced by various economic factors such as inflation, interest rates, and political stability. Changes in these factors can affect the exchange rate of the Pound against other currencies, including the Nigerian Naira.
The Nigerian Naira (NGN)
The Nigeria Naira is the official currency of Nigeria, a country in West Africa. The symbol for the Naira is “₦” and its ISO code is “NGN”.
The Central Bank of Nigeria (CBN) is responsible for issuing and regulating the Naira. The Naira is issued in denominations of ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, and ₦1000.
One Nigerian Naira is subdivided into 100 kobos. However, due to inflation, the value of the kobo has been greatly reduced and is no longer commonly used.
The exchange rate of the Naira is subject to fluctuation due to various economic factors, including Nigeria’s oil industry, political instability, and foreign exchange reserves. As of April 9th, 2023, the exchange rate of the Naira is approximately ₦414 to 1 US dollar.
Nigeria has experienced some challenges with the stability of the Naira in recent years, with high inflation rates and devaluations affecting its value. However, the CBN has implemented various measures to stabilize the currency, including imposing restrictions on foreign exchange transactions and injecting liquidity into the forex market.
Pound to Naira Black Market Exchange Rate Today
| Currency | Buying Rate | Selling Rate |
|---|---|---|
| GBP to NGN | 906 | 925 |
It’s worth noting that the black market exchange rates are unofficial and are often higher than the official exchange rates set by the Central Bank of Nigeria. The black market exchange rate is driven by supply and demand factors, and can be influenced by various factors such as inflation, political instability, and changes in the global economic climate.
While the official exchange rate of the Naira is currently around ₦414 to 1 US dollar, the black market exchange rate may differ significantly. It’s also important to note that trading on the black market is illegal and can carry risks, such as counterfeit currency, fraud, and other criminal activities.
It’s recommended to use official channels for foreign currency transactions, such as banks or licensed foreign exchange bureaus. Additionally, travelers are advised to familiarize themselves with Nigeria’s currency regulations and carry only legal tender when traveling to or within the country.
Pound to Naira CBN Exchange Rate Today
| Currency | Exchange Rate |
|---|---|
| GBP to NGN | 569 |
It’s important to note that the official exchange rate set by the CBN is typically lower than the black market exchange rate, but is considered more stable and reliable. The CBN regulates the exchange rate through its monetary policy, and may adjust the exchange rate periodically in response to economic factors such as inflation and foreign exchange reserves.
Important FAQ’s
How Much is 1GPB To Naira Black market Rate?
As of today, the buying rate for 1 GBP in the black market is 906 NGN, which means that if you want to buy 1 GBP, you will need to pay 906 NGN.
Similarly, the selling rate for 1 GBP in the black market is 925 NGN, which means that if you want to sell 1 GBP, you will receive 925 NGN in exchange.
How much is Naira to a pound today?
As of April 05, 2023, at 17:45 UTC, 1 NGN is equivalent to 0.001728 GBP
How much is a 1000 naira to a British pounds?
The conversion rate for Nigerian Naira to British Pound Sterling as of today is 1000 NGN equals 1.73748 GBP.
