The exchange rate between the British pound (GBP) and the Nigerian naira (NGN) continues to fluctuate in the black market due to ongoing forex supply and demand dynamics.
As of today, 13th February 2025, the pound to naira rate reflects market pressures influenced by economic factors and regulatory policies.
How Much is Pounds to Naira Today in Black Market?
According to traders and currency exchange sources in major cities like Lagos, Abuja, and Kano, the pounds to naira black market rate today stands at:
- Buying Rate: ₦1,965 per £1
- Selling Rate: ₦2,005 per £1
This means that if you are selling pounds, you will receive ₦1,965 per pound, whereas if you are buying pounds, you will pay ₦2,005 per pound in the black market.
Factors Affecting the Pounds to Naira Exchange Rate
The parallel market exchange rate is impacted by several economic and policy-driven factors, including:
- Forex Liquidity: A scarcity of foreign exchange weakens the naira, while increased forex supply stabilizes or strengthens it.
- CBN Policies: The Central Bank of Nigeria (CBN) frequently adjusts forex regulations, affecting demand and pricing in the parallel market.
- Inflation and Economic Indicators: Nigeria’s inflation rate, interest rates, and overall economic performance play significant roles in determining exchange rate movements.
- Speculation and Market Sentiment: Traders and investors reacting to global and domestic economic developments influence daily fluctuations in forex rates.
Comparison With the Official Exchange Rate
The black market rate is often higher than the official exchange rate due to forex scarcity and government regulations restricting dollar and pound supply in the formal banking system. While the official rate set by the CBN is typically lower, most businesses and individuals prefer the parallel market for quicker transactions.
Should You Buy or Sell Pounds in the Black Market?
The black market is unregulated, exposing individuals to risks such as fraudulent transactions and fluctuating rates. It is advisable to consider safer alternatives such as banks, Bureau de Change (BDC) operators, or digital forex platforms offering competitive rates.
For daily updates on the pound to naira exchange rate, expert forex analysis, and real-time financial insights, stay connected to Investors King.
