The Pounds to Naira Black Market exchange rate is a crucial indicator for businesses, travelers, and investors in Nigeria.
As of Tuesday, 19 February 2025, the exchange rate in the parallel market remains volatile, influenced by demand and supply dynamics, forex policies, and economic trends.
For those seeking the latest exchange rates, here is the current black market rate for today:
Pounds to Naira (GBP to NGN) Black Market Exchange Rate Today – 19 February 2025
- Buying Rate: ₦1,965 per £1
- Selling Rate: ₦2,005 per £1
The black market rate differs from the official exchange rate set by the Central Bank of Nigeria (CBN) due to forex access restrictions. Many Nigerians rely on the parallel market for foreign exchange transactions because of limited supply in the official forex market.
For real-time updates, visit Investors King and Aboki Forex for daily exchange rate movements.
How Much Is Pounds to Naira Today in Black Market?
The Pounds to Naira Black Market exchange rate fluctuates due to several key factors, including:
- Forex Reserves and Liquidity: A lower supply of pounds in the country increases exchange rates.
- CBN Forex Policies: The Central Bank of Nigeria regulates forex supply, but restrictions on access push many to the black market.
- Inflation and Economic Conditions: High inflation and economic instability weaken the naira, making the pound more expensive.
- Diaspora Remittances: Remittances from Nigerians abroad play a role in stabilizing forex supply, affecting rates in both the official and parallel markets.
Why Is the Pounds to Naira Black Market Rate Different from the Official CBN Rate?
The CBN exchange rate is controlled and often lower than the black market rate due to government monetary policies. However, many businesses, importers, students, and travelers struggle to access forex at the official rate, pushing demand to the parallel market.
To check the latest CBN exchange rates, visit the Central Bank of Nigeria’s official website.
Factors Affecting the Pounds to Naira Black Market Rate
The Pounds to Naira Black Market rate is influenced by:
- Government Monetary Policies: Forex restrictions, import duties, and capital controls affect exchange rates.
- Forex Reserves and Market Speculation: Traders and businesses hoarding foreign exchange impact supply and demand.
- Global Economic Trends: Changes in UK interest rates, inflation, and international trade policies affect the GBP to NGN rate.
- Demand from Businesses and Individuals: Importers, students studying abroad, and Nigerians traveling overseas drive forex demand.
Is the Pounds to Naira Black Market Rate Expected to Change?
Given Nigeria’s volatile forex market, the Pounds to Naira Black Market rate is subject to fluctuations. Analysts suggest that unless forex reserves improve and policy measures stabilize the economy, the naira may remain under pressure against the pound.
The Nigerian government’s efforts to boost foreign exchange liquidity, attract foreign investments, and improve economic stability could impact future exchange rates.
Where to Check Daily Pounds to Naira Black Market Exchange Rate?
To stay updated on the Pounds to Naira Black Market rate, follow:
Verifying exchange rates before transactions is crucial, as prices may vary based on location and demand at different times of the day.
Conclusion
The Pounds to Naira Black Market exchange rate remains a key economic indicator in Nigeria. With today’s rates at ₦1,965/£1 (buying) and ₦2,005/£1 (selling), market participants should monitor forex trends and policy changes.
For real-time forex updates and market analysis, visit Investors King and Aboki Forex to track daily movements in the currency market.
