The Pounds to Naira exchange rate in the black market fluctuates daily due to supply and demand dynamics in Nigeria’s foreign exchange market. Many individuals and businesses rely on the parallel market to access British pounds (GBP) due to forex restrictions in the official market.
How Much is Pounds to Naira Today in Black Market?
As of 31st January 2025, the black market (parallel market) exchange rate for the British Pound (GBP) to Nigerian Naira (NGN) stands at:
- Buying Rate: ₦2,030.00/£1
- Selling Rate: ₦1,985.00/£1
These rates fluctuate based on market conditions, location, and transaction volume. Check here for live updates on the GBP to NGN black market rate.
Factors Affecting the Pounds to Naira Black Market Rate
Several economic and policy-related factors influence the exchange rate in the parallel market:
- Forex Demand & Supply: High demand for GBP increases its value against the naira in the black market.
- Nigeria’s Inflation Rate: Rising inflation weakens the naira, making foreign currencies more expensive.
- CBN Forex Policies: Restrictions on forex access often drive businesses and individuals to the black market.
- UK-Nigeria Trade Relations: Economic activities and remittance flows between the UK and Nigeria affect GBP/NGN exchange rates.
- Oil Price Fluctuations: As Nigeria’s economy heavily depends on oil exports, fluctuations in oil revenue impact forex availability.
CBN Official Exchange Rate vs Black Market Rate
The Central Bank of Nigeria (CBN) offers an official exchange rate, but due to forex shortages, many individuals and businesses opt for the parallel market. The official rate is typically lower than the black market rate.
For the latest official Pounds to Naira exchange rate, visit the CBN website.
Is It Legal to Trade Pounds in the Black Market?
The parallel market operates outside official financial regulations, making it an unofficial source of forex. However, due to restrictions on forex access in banks, many Nigerians turn to the black market for convenience. It is essential to trade cautiously and through reliable dealers.
Conclusion
The Pounds to Naira black market exchange rate today, 31st January 2025, is ₦2,030/£1 (Buying) and ₦1,985/£1 (Selling). Exchange rates are affected by economic factors, forex policies, and market conditions.
For daily updates on GBP to NGN exchange rates, visit Investors King and stay informed about Nigeria’s forex market trends.