WATCH THE VIDEO HERE In Nigeria, the black market, also referred to as the parallel market, operates as an unofficial platform for trading foreign currencies, deviating from the exchange rates established by the Central Bank of Nigeria (CBN). Often utilized by individuals and businesses encountering difficulties accessing the official market due to constraints, scarcities, or regulatory limitations, the black market serves as an alternative avenue for currency transactions. The exchange rate of Pound Sterling to Nigerian Naira within the black market undergoes daily fluctuations, influenced by various factors including supply and demand dynamics, economic policies, political instabilities, and inflation rates. Typically, the black market rate tends to surpass the official rate, reflecting a weaker valuation of the Naira within this informal sector. As of today, the black market exchange rate for Pound Sterling to Naira stands at: This implies that if one seeks to purchase 1 Pound Sterling within the black market today, they would need to expend ₦2,000.00 Naira, while selling 1 Pound Sterling would yield ₦1,870.00 Naira in return. Please note: These rates may exhibit minor variations contingent upon geographic location and individual dealers. Here’s a breakdown of the black market rates for individuals interested in buying and selling Pound Sterling with Bureau de Change operators or Abokis: Below is a table outlining black market prices for various denominations: Kindly note that these rates are based on the prevailing black market exchange rate and may not align with official or regulated rates.How much is a Pound Sterling (£) to Naira (₦) today in the black market?
Current Black Market Pound Sterling to Naira Exchange Rate – April 17th, 2024
Today’s Pound Sterling to Naira Exchange Rate in the Black Market/Aboki
Denomination in Pounds Sterling (GBP)
Black Market Exchange Rate Today in Naira
£5
₦9,350.00
£10
₦18,700.00
£20
₦37,400.00
£50
₦93,500.00
£100
₦187,000.00
£150
₦280,500.00
£200
₦374,000.00
£300
₦561,000.00
£350
₦654,500.00
£400
₦748,000.00
£500
₦935,000.00
£800
₦1,496,000.00
£1000
₦1,870,000.00