Pounds to Naira Black Market Today 2023/2024: This page is all about the current rate of Pounds to Naira black market, the official CBN Pounds to Naira today, and additional information regarding the Pounds to Naira exchange rate in 2023/2024. As you have already known, the Pounds to Naira exchange rate is not stagnant. The two currencies’ exchange rate keeps fluctuating as a result of the Nigerian economy.
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Pounds to Naira
Pounds to Naira Exchange Rate Introduction Continues Below
Moving forward, this page is dynamic as a result of the fluctuation of the Pounds to Naira rate either in black market or commercial banks. In that case, this page is regularly updated immediately when there is a sudden change in the rate of Pounds to Nigeria Naira.
How Much Is Pounds to Naira Black Market 2023/2024
LAGOS PARALLEL MARKET RATE: SEPTEMBER 19, 2022 (BLACK MARKET): Pounds to Naira exchange rate in black market today is ₦850.00.
SEPTEMBER 19, 2022 Black market Pounds to Naira exchange rate: 1 Pounds to Naira = ₦850.00
Parallel market in Lagos (Pounds exchange rate on black market today)
The local currency opened at ₦850.00.00 per £1 at the parallel market otherwise known as the black market, today, SEPTEMBER 19, 2022, in Lagos Nigeria.
Although the Pounds to the naira opened at ₦850.00 to £1 today on the parallel market, Kindly note that the Central Bank of Nigeria (CBN) does not recognize the parallel market, also known as the black market. Because of this, the Central Bank of Nigeria has instructed anyone who needs currency to contact their bank, insisting that the I&E window is the only known exchange.
Note: Naira to Pounds is at N490.83/£1 on the official market as a result of a slight adjustment to the CBN exchange rate setting the CBN exchange rate at N490.83/£1
Honestly, if you only have a few thousand Pounds in Nigeria right now, you are absolutely rich enough.
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How Much Is Pounds to Naira Today In Black Market | Pounds to Naira today
LAGOS PARALLEL MARKET RATE: SEPTEMBER 19, 2022 (BLACK MARKET): Pounds to Naira exchange rate in black market today is ₦850.00. Black Market Pounds to Naira Rates – To continue with, the current Pounds to Naira exchange rate for today. View CBN and black market exchange rates for Pounds to Naira. Convert Pounds to Naira at this rate, or convert Pounds to Naira at the latest black market or parallel market rates.
Are you aware that many Nigerians like to exchange their foreign currency, especially Pounds to naira, via black market because the exchange rates are far better than what the commercial banks offer.
Are you aware of the Aboki FX Pounds to Naira? Their exchange rate is also included here so you can easily check each exchange rate for the currency you want to exchange on the parallel market. Aboki fx is highly recommended if you intend to use black market exchange rates from Pounds to Naira today.
Current rate of Pounds to Naira Black Market Today 2022
What is the current exchange rate of Pounds to Naira in the black market? You may have already known that the Pounds exchange rate on the black market sometimes differs significantly from the exchange rate on the website of the Central Bank of Nigeria. This means that Pounds to Naira black market rated is ₦850.00.
The prices you will see below are the current Pounds to Naira exchange rates. As we said in the beginning of this article, we always update the latest prices every day to keep you informed. The Pounds exchange rate to naira is the current Pounds exchange rate. The percentage varies by bank and black market.
Pounds to Naira Black Market Rate Today
If you ask a question like how much is the Pound to Naira today in black market is ₦850.00.
What is the official Pounds to Naira exchange rate today? | How much is Pounds to Naira
Now that you have known the rate of Pounds to Naira black market today, let’s move on to the official rate for Pounds to Naira. Have said earlier that black market rates are always different from CBN rates. The Naira is currently trading at ₦490.83 naira per Pounds. The Nigerian economy has been affected by the exchange rate of the Pounds to Naira. how much is Pounds to Naira today in black market
When Naira falls, inflation tends to happen. And this will affect the economy. Thus, it will affect the whole population of Nigeria.
If you intend to purchase a product on a foreign website, you will have to use your mastercard or visa card. The official Pounds to Naira exchange rate will be used for the transaction. This means that Black Market exchange rate is only applicable to physical transactions, not online transactions.
The black market, commonly referred to as Aboki market value for the Pounds, is usually higher than the exchange rate at the bank, 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 as quoted in CBN Pounds to naira portal at cbn.gov.ng. how much is Pounds to Naira
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History of Nigerian Naira
During the pre-colonial era, different cultures used different goods as a medium of exchange. These include cowries, manilas, beads, bottles and salt amongst others.
The issuance of Nigeria’s first major currency came as a follow-up to the Colonial Decree of 1880, which made the payment of the shilling and pence legal in British West Africa. The units of coin maintained by the Bank of England were one shilling, one penny, 1/2 cent and 1/10 of a cent and were distributed by the private bank, the West African Bank of England, until 1912. Pounds to Naira black market rate today, how much is Pounds to Naira, Pounds to Naira today, Pounds to Naira black market today 2022 1 Pounds to naira
From 1912 to 1959, the West African Currency Council (WACB) issued the first sets of banknotes (insert hyperlink) and coins in Nigeria, Ghana, Sierra Leone and Gambia. The highest denomination of the banknote is one pound, while the one shilling coin is the highest denomination.
On 1 July 1959, the Central Bank of Nigeria (CBN) issued Nigerian banknotes while the notes and coins issued by WACB were withdrawn. It wasn’t until July 1, 1962, that the currency was changed to reflect the country’s republican status. Banknotes marked “FEDERATION OF NIGERIA” now have “FEDERAL REPUBLIC OF NIGERIA” written on them. The banknotes were changed again in 1968 following the misuse of foreign currency banknotes during the Civil War.
The name of the Nigerian currency was changed in January 1973 following the government’s decision to switch from metric to decimal. The base currency, previously £1, ceased to exist and one naira, equal to ten shillings, became the base unit, while the secondary unit of currency was called the kobo; a hundred of them yielded one naira.
The new twenty naira (#20) note was issued on February 11, 1977. It was the highest denomination introduced at the time due to economic growth, preference for cash transactions and the need for convenience.
The banknote is the first in Nigeria to bear a portrait of a prominent Nigerian citizen, the late Head of State General Murtala Ramat Mohammed (1938-1976), who was the torchbearer of the Nigerian revolution in July 1975. The note was issued on the 1 year anniversary of his assassination in honor of to Nigeria’s most famous son. On October 1, 1978, he was declared the national hero.
On July 2, 1979, a new currency denomination was introduced with three denominations, namely 1, 5 and 10 of the same size, namely. 151 x 78 mm, like the 20 а banknote issued on February 11, 1977. Distinctive colors have been used for different denominations for easy identification. The bill contains portraits of three prominent Nigerians who were declared national heroes on October 1, 1978. The engravings on the back of the banknotes reflect the different cultural aspects of the country.
Can I buy Pounds from the Bank?
Yes, you can purchase Pounds from any commercial bank or bureau de exchange operator. Previously, all registered and certified currency exchange operators could purchase Pounds directly from CBN, but unfortunately that has changed. You can no longer purchase Pounds from Central Bank of Nigeria.
CBN recently stopped selling Pounds and other currencies to Bureau de Change operators. Currently you can only buy Pounds from commercial banks in Nigeria. Below is the reason why CBN stopped selling Pounds to currency exchange operators;
The main reason CBN halted selling Pounds to currency exchange operators was to curb unusual profits, which led them to sell Pounds at exorbitant prices at the expense of the stability of the naira. Pounds to naira black market rate today
The Nigerian currency has been negatively impacted by the greed of some currency exchange operators who sell Pounds at high prices just to make money.
This suggests that only commercial banks can currently sell Pounds to individuals and businesses at a fair price. Commercial banks sell Pounds to individuals primarily for the following purposes; Payment of medical bills abroad, payment of school fees abroad, official travel allowances and personal travel allowances. Pounds to naira black market rate today
It is always safe and cheaper to buy Pounds from commercial banks because their interest rates may not be as high as parallel market rates. Many banks can give you a lower interest rate based on how many Pounds you buy. This method is more suitable for people who want to buy large amounts of Pounds.
Just go to one of the commercial banks in Nigeria such as Zenith Bank, Guarantee Trust Bank, Access Bank, First Bank, Fidelity Bank, Union Bank and United Bank of Africa. Go straight to their customer service and ask for a Pounds.
Also, it is worth noting that Some banks may not have enough Pounds cash, if you want to buy in bulk, you may need to buy some quantities from other banks to add.
What is the real meaning of exchange rates?
Exchange rate, the value of one country’s money against another country’s money. For example, Pounds to Naira, Pounds to Pounds, and so on. The exchange rate is “fixed” when the countries use gold or another agreed standard and each currency is worth a certain size of the metal or other standard. Exchange rates “float” when supply and demand or speculation drives up the exchange rate (unit conversion). When a country imports large quantities of goods, demand increases the exchange rate for that country, making the imported goods more expensive for buyers in that country. When goods become more expensive, demand falls and money in this country becomes cheaper than money in other countries. Then the country’s goods will become cheaper for buyers abroad, demand will grow, and exports from that country will increase.
What affects the exchange rate
Flexible exchange rates can change daily, but often in very small increments, less than a penny. But important economic factors such as changes in government or business decisions can affect international exchange rates. This is exactly the reason why the Pounds to Naira exchange rate is always fluctuating.
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