The pounds to naira exchange rate in the black market continues to fluctuate due to forex scarcity, inflation, and market speculation. Many Nigerians depend on the parallel market for currency exchange as official sources often have limited access to foreign exchange.
As of today, 24 February 2025, the exchange rate for pounds to naira in the black market is as follows:
Pounds to Naira Black Market Exchange Rate Today
- Buying Rate: ₦2,005 per £1
- Selling Rate: ₦1,965 per £1
These rates are subject to change based on market trends, location, and transaction volume.
How Much is Dollar to Naira Today in Black Market?
While many people seek the pounds to naira exchange rate, others also want to know how much a dollar is worth in the black market. The dollar to naira exchange rate fluctuates due to forex demand and economic policies.
For accurate and real-time exchange rates, it is advisable to check with reputable sources such as Investors King and Aboki Forex before making transactions.
CBN Official Pounds to Naira Exchange Rate
The Central Bank of Nigeria (CBN) regulates the official exchange rate for the pounds to naira conversion, which differs from the black market rate. The official rate is usually lower, as the government attempts to stabilize the forex market. To get the latest CBN rates, visit the CBN website.
Factors Affecting the Pounds to Naira Black Market Rate
Several economic factors influence the exchange rate in the black market:
- Forex Demand and Supply: A high demand for foreign currencies with limited supply increases exchange rates.
- Inflation Rate: A rising inflation rate weakens the naira, making foreign currencies more expensive.
- CBN Forex Policies: The availability of forex through official channels impacts the black market rate.
- Speculation and Hoarding: Traders and businesses stockpile forex, anticipating future naira depreciation.
Conclusion
The pounds to naira exchange rate in the black market today, 24 February 2025, remains volatile due to economic factors. Staying updated with trusted sources like Investors King and Aboki Forex ensures you make informed decisions when exchanging currencies.
For accurate and updated rates, always verify with reliable platforms before making forex transactions.
