The exchange rate between the British Pound (GBP) and the Nigerian Naira (NGN) continues to fluctuate in the parallel market, commonly known as the black market.
As of today, 12th February 2025, the black market rate for Pounds to Naira remains volatile due to economic pressures, foreign exchange demand, and monetary policies.
For those looking to exchange GBP to NGN in the black market, here are the latest rates:
- Buying Rate: ₦2,005 per £1
- Selling Rate: ₦1,965 per £1
These figures reflect current market conditions and may vary slightly depending on location and negotiation with traders.
How Much is Pounds to Naira Today in Black Market?
Many Nigerians rely on the black market for foreign exchange transactions due to limited access to official forex channels. The Central Bank of Nigeria (CBN) regulates the official forex market, but black market rates often differ significantly due to supply and demand dynamics.
To check the latest exchange rate trends, visit Investors King for real-time market updates. Additionally, the Central Bank of Nigeria (CBN) provides official exchange rates, though these rates may differ from black market rates. For further insights into currency fluctuations and forex trends, Aboki Forex offers daily updates on foreign exchange movements.
Factors Influencing the Black Market Exchange Rate
Several key factors impact the GBP/NGN black market rate, including:
- Forex Demand and Supply – High demand for foreign currencies and limited supply often lead to higher black market rates.
- CBN Policies – The Nigerian government’s forex policies, restrictions on forex access, and monetary interventions influence parallel market movements.
- Inflation and Economic Stability – Inflationary pressures weaken the Naira, leading to a higher exchange rate in the black market.
- Diaspora Remittances – Inflows from Nigerians abroad contribute to forex supply, affecting exchange rate trends.
- Global Economic Factors – The strength of the British Pound in international markets also plays a role in determining its value against the Naira.
Black Market vs. Official Rates
While the black market rate for Pounds to Naira is currently at ₦2,005 (buying) and ₦1,965 (selling), the official CBN rate is typically lower. The difference between the two markets highlights the ongoing forex challenges in Nigeria, where businesses and individuals turn to the parallel market for easier access to foreign exchange.
For those exchanging GBP for NGN, it is essential to stay updated on forex trends. Checking platforms like Investors King and Aboki Forex can help in making informed forex decisions.
Conclusion
The Pounds to Naira black market exchange rate remains volatile, reflecting broader economic conditions and forex policies in Nigeria. While the official CBN rate provides a benchmark, the parallel market remains the primary option for many individuals and businesses. As forex regulations evolve, staying informed through reliable sources like Investors King and Aboki Forex can help navigate the dynamic currency exchange landscape.
