The pounds to naira exchange rate in the black market has been a focal point for traders and businesses as economic challenges persist in Nigeria.
As of today, 3rd March 2025, the pound is being bought at N2,005 and sold at N1,965 in the black market. This significant disparity from the official exchange rate published by the Central Bank of Nigeria (CBN) highlights the ongoing pressure on the naira.
With limited access to foreign exchange through official channels, importers and travelers continue to rely heavily on the black market for their forex needs. For the latest updates and accurate rates, platforms like Investors King and Aboki Forex provide real-time information.
How Much is Dollar to Naira Today in Black Market?
Although the focus is on the pounds to naira exchange rate, it is noteworthy that the dollar to naira rate remains a critical indicator of the naira’s overall health. The dollar is currently being traded at a significant margin in the black market due to high demand and limited supply. For current exchange rates and trends, visit Investors King and Aboki Forex.
The increasing gap between the official and black market rates for both the dollar and the pound suggests a deeper issue of forex scarcity and economic instability. Importers, students studying abroad, and businesses requiring foreign transactions are particularly affected by these disparities.
Factors Influencing Pounds to Naira Exchange Rate in the Black Market
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Forex Scarcity:
- The limited availability of pounds and other foreign currencies through official channels has driven more traders to the black market, escalating demand and prices.
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Naira Depreciation:
- The naira’s weakening stance against major currencies, including the dollar and the pound, has been aggravated by inflation and reduced foreign reserves.
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Economic Policies and Inflation:
- The tightening of monetary policies by the Central Bank of Nigeria (CBN) has yet to curb the rising inflation effectively, which further pressures the naira.
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Speculation and Demand:
- Speculative activities in the black market and high demand for pounds by importers and students studying in the United Kingdom continue to widen the exchange rate gap.
Impact on Businesses and Consumers
The rising cost of the pound in the black market has significant implications for businesses and individuals:
- Import Costs: Businesses importing goods from the United Kingdom face higher costs, which translate into increased retail prices.
- Education and Travel: Nigerian students and travelers to the UK are burdened with higher forex costs, affecting tuition and living expenses.
- Manufacturing Sector: Manufacturers relying on imported raw materials struggle with escalating costs, which impacts production and profitability.
The current scenario calls for a comprehensive review of forex policies by the CBN to ease the pressure on the naira and improve forex accessibility for businesses.
Conclusion
The pounds to naira exchange rate in the black market today stands at N2,005 for buying and N1,965 for selling, reflecting the growing pressure on the naira amidst economic uncertainties. The ongoing disparity between the official and black market rates highlights the urgent need for effective monetary policies to stabilize the naira.
For real-time updates on exchange rates, visit Investors King and Aboki Forex.
