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    Pounds (GBP) to Naira Black Market Exchange Rate Today

    Harry OnyeBy Harry OnyeMarch 25, 2023
    Pounds (GBP) to Naira Black Market Exchange Rate

    How much is the Pounds to Naira exchange rate today, March 25, 2023, on the black market and aboki fx? View the current Pounds (GBP) to Naira exchange rate. You can either convert your pounds to Naira at these rates or at the most recent black market or parallel market rate.

    This is today’s GBP to Naira exchange rate. For pounds to naira aboki fx, see CBN & Black Market Exchange Rate. You can exchange your pounds for naira at these rates, or you can convert pounds to naira at the most recent black market or parallel market rate.

    Many Nigerians prefer to exchange foreign currencies, particularly British pounds sterling to naira, on the black market because the exchange rate is much higher than what the bank offers. If you want to know what the current black market rate is, go to this page.

    The Aboki fx pounds to naira exchange rate has also been included here so that you can easily verify each rate for the currencies you want to exchange in parallel markets. Today, Aboki fx is the most reliable source for black market pounds to naira rates.

    You can find their current exchange rate here.

    GBP to Naira Black Market Rate Today

    Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
    Selling Rate750
    Buying Rate745
    Pounds to Naira (GBP to NGN)CBN Official Exchange Rate Today
    Selling Rate935
    Buying Rate920

    Today’s Pounds to Naira Official Exchange Rate

    The parallel exchange rate (black market rate) usually differs from the CBN rate. The Naira is currently 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, inflation takes over the economy, which usually has a negative impact on citizens. Godwin Emefiele, Governor of the Central Bank of Nigeria, has stated that the Nigerian economy requires a massive turnaround and has urged Nigerian citizens to work towards it.

    The black market rate for pounds, known as the Aboki market rate, is usually higher than the exchange rate at banks, which is usually regulated by the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can buy or sell pounds for naira that is listed on the CBN pounds to naira website cbn.gov.ng.

    The bank rate for pounds to nairas is the rate you use when you buy something from a foreign website using your Naira Mastercard or Debit card from a Nigerian bank. These rates are almost always lower than those available on the black market.

    CBN Official Naira Exchange Rates

    The exchange rate between the Naira and the US dollar, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official.

    Date Currency Buying(NGN) Central(NGN) Selling(NGN)
    3/22/2023 US DOLLAR 459.98 460.48 460.98
    3/22/2023 POUNDS STERLING 564.8554 565.4694 566.0834
    3/22/2023 EURO 496.6404 497.1803 497.7201
    3/22/2023 SWISS FRANC 498.4072 498.949 499.4907
    3/22/2023 YEN 3.4595 3.4633 3.4671
    3/22/2023 CFA 0.7364 0.7464 0.7564
    3/22/2023 YUAN/RENMINBI 66.813 66.886 66.9591
    3/22/2023 RIYAL 122.4556 122.5887 122.7218
    3/22/2023 SOUTH AFRICAN RAND 24.9647 24.9919 25.019
    3/22/2023 DANISH KRONA 66.6696 66.742 66.8145

    Compare Exchange Rates:

    Understand How to Find the Best Exchange Rate

    Pound Sterling is used to benchmark the exchange rate market. Live’s custom currency rate comparison tool, includes built-in algorithms for locating the best market rates.

    Why

    Banks and financial institutions buy and sell currency from each other – these sizeable institutions are ‘the market’ and the rate they transact at is the ‘market rate’. The spread, which is essentially the difference between the buy and sell price, is the difference between how much a currency is purchased and sold.

    When banks sell currency to retail customers, the spread widens significantly, and the profit on the transaction grows significantly.

    As a result, when we focus on the transfer fee when sending money abroad, we frequently overlook the most significant cost: the exchange rate spread.

    Foreign exchange providers have essentially recognized this and have entered the market to transfer money at tighter spreads, potentially saving their clients significant sums of money simply by providing better exchange rates.

    For example, transferring £100,000 into euros is expected to result in a rate of between €112,480 and €113,296 with the UK’s leading high street banks. However, FCA-approved providers will offer a rate that ranges between €115,510 and €115,740 (based on rates as of 05/07/21).

    Taking the time to work with an FCA-regulated currency provider could result in the delivery of an additional €2444 to €3030.

    Everything revolves around safety

    Pound Sterling Live only works with FCA-approved foreign exchange payment companies. This is important: FCA regulations and oversight require the money they transfer on your behalf to be protected through a process known as ‘safeguarding’. To be safe, the payments company must keep your money separate from their own in a top-tier bank. As a result, if the provider is under pressure, your money should be safe.

    Last Updated on: 2023-03-25

    black market rate black market rate in nigeria dollar exchange to naira dollar to naira black market exchange rate today Dollar To Naira Exchange Rate Today Dollar To Naira Exchange Rate Today Black Market exchange rate dollar to naira black market exchange rate pounds to naira how much is dollar in black market today naira to dollar exchange rate nigeria black market nigeria black market dollar exchange rate nigeria black market dollar to naira
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