Pounds to Naira is one of the hottest pairs that trade well in the Nigerian black market. Many Nigerians prefer to exchange their foreign currencies, particularly the United States dollars, and British Pounds Sterling, for Naira using the black market because the rate is much higher than the bank usually offers.
As such, learning the current black market rate will help you make plans and informed decisions, especially if you want to buy foreign products.
If you want to know the current black market rate for Pounds to Naira, follow along.
Pounds To Naira Black Market Rates Today (June 4, 2023)
- £1 = ₦935 (selling)
- £1 = ₦900 (buying)
The Naira value continues to depreciate and lose value against foreign currencies. The Nigerian economy is seriously affecting the Pounds to Naira exchange rate. However, it might interest you to learn that the Pounds to Naira rate in the black market is often higher than the rate on the Central Bank of Nigeria’s Website.
At the parallel market, you can exchange British Pounds for Naira between #920-#925 and buy British Pounds using Naira at the rate between #930-#934, depending on some other specific factors. Note that prices vary based on different parallel markets.
The Pounds and Naira black market exchange rate range above is based on Lagos and Abuja exchange rates. Please know that due to the pair’s volatility and the forex market, these price ranges vary and can change anytime.
The Central bank of Nigeria (CBN) continues to seek means to save the Naira as it struggles at the international level. As the Naira continues to fall, inflation eats the economy and takes a toll on the residents. This battle can only be won when CBN can unify the exchange rate by constantly boasting liquidity to BDCs across the country.
- Pounds To Naira Black Market Rates Today
- Euro To Naira Black Market Rates Today
- Dollar To Naira Black Market Rates Today
Pounds To Naira Exchange Rate History
The term “official exchange rate” refers to the rate set by national authorities or the rate established in the market for exchange that is recognized by law. It differs from the black market rate and is based on monthly averages calculated as annual averages.
Pounds to Naira exchange rate is the Naira value relative to the British Pound. This pair has seen massive fluctuations over the years. The British Pound has always been the strongest, with the Naira having a free fall against it.
Below are the average monthly exchange rates for the Pounds to Naira pair in 2022:
- January 2022 = 560.82
- February 2022 = 563.16
- March 2022 = 547.84
- April 2022 = 538.15
- May 2022 = 516.96
- June 2022 = 512.56
- July 2022 = 503.62
- August 2022 = 503.76
- September 2022 = 485.03
- October 2022 = 492.04
- November 2022 = 519.40
- December 2022 = 542.20
The table below shows the record of the exchange rate for the pair in the last decades:
Year # Per Pound
A brief History Of British Pounds
The Sterling is the national currency of the United Kingdom and nine associated regions. However, the Pound is the central unit of the Sterling and is used to denote the British currency. Generally, it’s often called the Pound Sterling or the British Pound.
The British Pound was initially created as a form of the monetary unit in 760, making it the oldest global currency still used as legal tender. In 1489, The pound coin appeared during the reign of Henry VII. The notes began to circulate in England by 1694, not long after the formation of the Bank of England. It worked as pennies and shillings until 1971, before the introduction of the decimal system.
The British Pound became the official currency of the United Kingdom in 1707 when Scotland and England joined to form a single nation. However, besides the United Kingdom, the British Pound was previously used as currency in several British Empire colonies, including Australia, New Zealand, and Canada.
Why Is The British Pound Strong?
The British Pound(GBP), or the Pound Sterling, is the fifth most valuable currency in the world, making it one of the strongest. It is also one of the currencies with the highest trading volume in the world, only behind the U. S dollar, euro, and the Japanese yen in daily volume. Precisely, it accounts for about 13% of the daily trading volume in the Forex market.
The British Pound is vital for many reasons, some of which are associated with the historical convention and the Bank of England’s continued intervention to defend the currency in times of crisis. Furthermore, London, the capital city, is the world’s financial capital, and the county is hugely a financial services-based economy.
The nation’s economy is strong, large, and stable, with low inflation. Other factors include Britain’s relatively low-tax policy and the regulatory approach over the financial services industry, attracting numerous foreign investments and funds.