The pounds to naira exchange rate is a key indicator for businesses, investors, and individuals involved in international transactions. With the persistent forex fluctuations in Nigeria, staying updated on the latest GBP to NGN black market exchange rate is crucial for making informed financial decisions.
How Much is Pounds to Naira Today in Black Market?
As of 6th February 2025, the black market exchange rate for the British pound to the Nigerian naira is as follows:
- Buying Rate: ₦2,005 per £1
- Selling Rate: ₦1,965 per £1
This rate differs significantly from the official exchange rate published by the Central Bank of Nigeria (CBN), as the black market operates based on supply and demand rather than regulatory oversight.
Why is the Black Market Exchange Rate Higher?
The black market exchange rate for the pound is typically higher due to several economic factors, including:
- Forex Scarcity – Limited access to pounds from official sources forces businesses and individuals to rely on the parallel market.
- Inflation & Economic Uncertainty – A weakening naira due to inflation leads to a higher exchange rate.
- Demand-Supply Dynamics – Increased demand for foreign currency for imports, education, and travel raises rates in the black market.
- CBN Forex Restrictions – The Central Bank’s forex policies often lead to an increased gap between the official and parallel market rates.
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CBN Official Exchange Rate vs. Black Market Rate
The CBN official rate is often much lower than the black market rate, reflecting government control over forex transactions. However, access to forex at the official rate is restricted to specific categories such as government transactions, banks, and selected industries, leading many Nigerians to turn to the black market for their forex needs.
Will the Naira Strengthen Against the Pound?
The future of the naira against the pound depends on several factors, including:
- Nigeria’s forex reserves and policies
- Foreign investments and remittances
- Inflation rate and economic growth
If the government implements stronger forex policies and improves dollar liquidity, the naira could stabilize. However, continued forex shortages may push the pounds to naira black market exchange rate even higher.
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