The pounds to naira black market rate today, 18 February 2025, has become a critical point of interest for Nigerians engaged in foreign exchange transactions.
As the value of the naira continues to fluctuate, many individuals and businesses turn to the black market, also known as the parallel market, for their foreign currency needs.
According to data from Aboki Forex, Investors King, and the Central Bank of Nigeria (CBN), here is the latest update on the pounds to naira exchange rate.
How Much Is Pounds to Naira Today in Black Market?
The current pounds to naira black market exchange rate for 18 February 2025 is:
Buying Rate: ₦1,965 per British pound
Selling Rate: ₦2,005 per British pound
This means if you are selling pounds, you will receive ₦1,965 per pound, while buyers will pay ₦2,005 per pound in the black market.
CBN Official Pounds to Naira Exchange Rate
The Central Bank of Nigeria (CBN) provides an official rate that differs from the black market. As of today, 18 February 2025, the official CBN exchange rate is:
CBN Buying Rate: ₦1,920 per British pound
CBN Selling Rate: ₦1,940 per British pound
The gap between the black market and the CBN rate highlights the persistent demand for foreign exchange outside the official channels.
Pounds to Naira Black Market Rates from Aboki Forex and Investors King
According to updates from trusted sources:
Aboki Forex:
- Buying Rate: ₦1,965
- Selling Rate: ₦2,005
Investors King:
- Buying Rate: ₦1,965
- Selling Rate: ₦2,005
Why Is the Pounds to Naira Black Market Rate Increasing?
Several factors contribute to the rising pounds to naira black market rate:
- Forex Scarcity: The limited availability of pounds forces many to seek the black market.
- CBN Restrictions: Strict regulations on forex access push individuals and businesses to alternative sources.
- Inflation: Nigeria’s high inflation rates weaken the naira, making the pound more expensive.
- Diaspora Remittances: Many remittances are exchanged at black market rates, driving demand.
- Economic Instability: Uncertainty around Nigeria’s economy affects investor confidence, raising demand for foreign currencies.
Impact of Pounds to Naira Black Market Rate on Nigerians
The high pounds to naira black market rate has significant consequences:
- Increased Cost of Imports: Goods sourced from the UK become more expensive, driving up local prices.
- Higher Tuition Fees: Nigerians studying in the UK face rising costs for tuition and living expenses.
- Costly Medical Bills: Individuals seeking healthcare in the UK experience increased expenses.
- Business Pressures: Import-dependent businesses face shrinking profit margins.
CBN Efforts to Stabilize the Naira Against the Pound
The Central Bank of Nigeria (CBN) has taken steps to reduce the gap between the official and black market rates, including:
- Increasing foreign exchange allocations to banks.
- Promoting the use of official channels for diaspora remittances.
- Cracking down on illegal forex trading activities.
- Encouraging local production to reduce dependence on imports.
Pounds to Naira Exchange Rate Trends in Recent Months
The pounds to naira black market rate has shown significant volatility due to ongoing economic challenges. In the past month alone, rates have fluctuated between ₦1,950 and ₦2,020 per pound, indicating persistent pressure on the naira.
Forecast for Pounds to Naira Black Market Rate
Experts from Investors King predict that the pounds to naira black market rate may continue to rise unless:
- Nigeria’s foreign reserves improve.
- Global oil prices increase, boosting Nigeria’s dollar earnings.
- CBN implements more effective monetary policies.
Conclusion
The pounds to naira black market rate today, 18 February 2025, stands at ₦1,965 (buying) and ₦2,005 (selling). The persistent gap between the black market and CBN rates continues to affect individuals and businesses reliant on foreign exchange. For real-time updates and accurate rates, visit reliable platforms like Aboki Forex, Investors King, and the CBN official site.
Staying informed about the latest exchange rates can help you make sound financial decisions in Nigeria’s fluctuating forex market.
