The exchange rate between the British Pound (GBP) and the Nigerian Naira (NGN) is a key indicator of the market’s performance.
As of today, 14th February 2025, the black market exchange rate reflects notable changes influenced by economic factors and market dynamics.
How Much is Pound to Naira Today in Black Market?
The pound to naira black market exchange rate for today, 14th February 2025, is:
- Buying Rate: ₦2,005 per pound
- Selling Rate: ₦1,965 per pound
The black market, also known as the parallel market, continues to be a major source for forex transactions due to limited access to official channels.
Official Pound to Naira Exchange Rate – CBN
According to the Central Bank of Nigeria (CBN), the official pound to naira exchange rate stands at ₦1,942.50 per pound. The gap between the official and parallel market rates persists, reflecting ongoing demand pressures in the forex market.
Pound to Naira Rate on AbokiForex
The latest update from AbokiForex shows that the pound to naira exchange rate in the black market is consistent with market trends, highlighting the continued influence of demand and supply forces in the parallel market.
Analysis of Pounds to Naira Exchange Rate Trends
The fluctuation of the pound to naira exchange rate is driven by several factors, including:
- Market Demand: Increased demand for pounds from importers and travelers influences the rate.
- CBN Forex Policies: Measures such as interest rate adjustments and forex allocations impact the market.
- Diaspora Remittances: Inflows from the UK contribute to naira stability.
- Global Economic Trends: Movements in the value of the British pound against other currencies impact the naira exchange rate.
Outlook for the Naira Against the Pound
According to Investors King, analysts expect continued volatility in the pound to naira exchange rate, driven by global market trends and domestic economic policies. However, strategic reforms by the CBN and an increase in forex reserves could help reduce the disparity between the official and black market rates.
Conclusion
Today’s black market exchange rate for the pound to naira is ₦2,005 (buying) and ₦1,965 (selling), with the official CBN rate at ₦1,942.50. The gap highlights the ongoing challenges in Nigeria’s forex market. Staying updated with reliable sources like Investors King, AbokiForex, and the CBN is essential for making informed financial decisions.
