How much is a Pound Sterling (£) to Naira (₦) today in the black market?
In Nigeria, the black market, also referred to as the parallel market, operates as an unofficial platform for trading foreign currencies, deviating from the exchange rates established by the Central Bank of Nigeria (CBN).
Often utilized by people and businesses encountering difficulties accessing the official market due to constraints, scarcities, or regulatory limitations, the black market serves as an alternative avenue for currency transactions.
The exchange rate of Pound to Naira within the black market undergoes daily fluctuations, influenced by various factors including supply and demand dynamics, economic policies, political instabilities, and inflation rates.
Typically, the black market rate tends to surpass the official rate, reflecting a weaker valuation of the Naira within this informal sector.
Current Black Market Pound to Naira Exchange Rate – May 8th, 2024
As of today, the black market exchange rate for Pound Sterling to Naira stands at:
- Buying Rate: ₦1,870.00 per GBP
- Selling Rate: ₦2,000.00 per GBP
This implies that if one seeks to purchase 1 Pound Sterling within the black market today, they would need to spend ₦1,870.00 Naira, while selling 1 Pound Sterling would yield ₦2,000.00 Naira in return.
Please note: These rates may exhibit minor variations contingent upon geographic location and individual dealers.
Today’s Pound Sterling to Naira Exchange Rate in the Black Market/Aboki
Here’s a breakdown of the black market rates for people interested in buying and selling Pound Sterling with Bureau de Change operators or Abokis:
- Buying Rate: ₦1,870.00
- Selling Rate: ₦2,000.00
Below is a table outlining black market prices for various denominations:
| Denomination in Pounds Sterling (GBP) | Black Market Exchange Rate Today in Naira |
|---|---|
| £5 | ₦9,350.00 |
| £10 | ₦18,700.00 |
| £20 | ₦37,400.00 |
| £50 | ₦93,500.00 |
| £100 | ₦187,000.00 |
| £150 | ₦280,500.00 |
| £200 | ₦374,000.00 |
| £300 | ₦561,000.00 |
| £350 | ₦654,500.00 |
| £400 | ₦748,000.00 |
| £500 | ₦935,000.00 |
| £800 | ₦1,496,000.00 |
| £1000 | ₦1,870,000.00 |
Kindly note that these rates are based on the prevailing black market exchange rate and may not align with official or regulated rates.