Pounds to Naira ( Black Market ) rate
|Highest||₦707:00||on 17, 2021|
|Lowest||₦645:00||on 17, 2021|
GBP is being traded at ₦700 in Black Market(Lagos) today, Tuesday, August 3, 2021. GBP has been traded at ₦700 when Black Market opened this week on Monday, August 2, 2021. This makes it 0.00% rise for Pounds against Naira this week.
When we look at this month, GBP was traded at ₦692 at the beginning of this August on Monday, August 2, 2021. As at today with GBP being traded at ₦700 we see a 0.08% rise for Pounds to Naira exchange rate for this month.
|Pounds to Naira||Naira|
GBP is no doubt belongs to the league of oldest currency in the world and as at today the inflation rate is pegged at just 0.10%.
Please note that the CBN policies do have a great influence on the GBP to naira exchange rate, if it favours the Naira, the Naira will gain or appreciate significantly against the pounds both in the parallel market and the forex market. On a lighter note, any new policy adopted by the CBN impacts the black market exchange rate.
Other factors that affect the pounds to naira exchange rate is the activities of hoarders who would rather hold on to their pounds than dispose it off, just to cash out big time.
Aminu Gwadebe, president of ABCON, had blamed the illegal cash evacuation that is normally done through the Nigerian boarders as one of the factors responsible for fall in Naira against pounds in the parallel exchange market.
If the CBN wants to boast the strength of Naira then it must be ready to consistently inject more liquidity into the retail sector of the fx market as this will go a long way to curb the illegal activities of mostly hoarders.
Please note that if central bank of Nigeria fails to constantly inject liquidity then the huge demand for GBP (pounds) by the manufacturers and foreign investors will dry up the scarce liquidity in the market and thereby mount pressure on the already volatile market driving the pounds upwards.