Pounds to Naira ( Black Market ) rate
|Highest||₦642:00||on 16, 2021|
|Lowest||₦560:00||on Nov 14, 2020|
GBP rate for today is ₦642 in Black Market(Lagos) today, Thursday, January 21, 2021. GBP at the beginning of the week the opening rate was ₦630 at the parallel market on Monday, January 18, 2021. This makes it 0.12% rise for Pounds against Naira this week.
When we look at this month, GBP was traded at ₦ at the beginning of this January on Friday, January 1, 2021. As at today with GBP being traded at ₦642 we see a % for Pounds to Naira exchange rate for this month.
What is the exchange rate of pounds to naira? Are you interested in knowing today’s current exchange rate to that of British pounds and sterling? In this article you will get to know everything about GBP to naira black market rate.
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.