Discover the latest pounds to naira black market exchange rates today. Stay updated with real-time GBP to NGN conversions, including BDC and CBN rates. Note: Rates fluctuate hourly due to market demand.
What is the pounds to naira black market rate today? See the black market pounds to naira exchange rate today below. You can swap your pounds for naira at these rates.
GoldenNewsNg has obtained the official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates. Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 pound at a certain rate now, however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within hours.
What is the pounds to naira black market rate today?
The local currency (abokiFx) opened at ₦2,060.00 per £1 at the parallel market otherwise known as the black market, today, Friday, 8 March 2024, in Lagos Nigeria, after it closed at ₦2,040.00 per £1 on Thursday, 7 March 2024.
| Pounds to Naira (GBP to NGN) | Black Market Exchange Rate Today |
| Buying Rate of 1£ | ₦2,040 |
| Selling Rate of 1£ | ₦2,060 |
Factors Influencing Foreign Exchange Rates
Here are some of the causes of the dwindling pounds-to-naira exchange rate.
Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.
Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.
Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.
Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.
Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.
FAQs
What is the pounds to naira black market rate today?
The pounds to naira black market exchange rate in Lagos, Nigeria, for today, Friday, 8 March 2024, opened at ₦2,060.00 per £1, after closing at ₦2,040.00 per £1 on Thursday, 7 March 2024. This rate represents the cost of buying and selling pounds in the parallel market, also known as the black market.
How often do black market exchange rates fluctuate?
Black market exchange rates are subject to hourly fluctuations. These fluctuations are influenced by the supply and demand of pounds in the market. It is crucial to keep in mind that the rate can shift, either upwards or downwards, within hours.
What factors influence foreign exchange rates?
Several factors can influence the pounds-to-naira exchange rate, including:
- Inflation Rates: Inflation directly affects black market exchange rates. Controlling inflation can stabilize the economy and strengthen the naira.
- Interest Rates: The rate at which banks lend money can impact the economy and the value of the naira. Higher interest rates may contract the economy and lower the naira’s value.
- Government Debt: National debt can affect investor confidence and fund inflows into the economy. High inflows can strengthen the naira exchange rate.
- Speculators: Speculators can impact the naira-to-dollar exchange rate by hoarding money in anticipation of gains, causing the naira to depreciate.
- Conditions of Trade: Favorable trade terms can enhance the naira’s value against the dollar. However, Nigeria currently faces a trade deficit, with most goods imported from abroad.
Disclaimer
Please note that GoldenNewsNg does not set or determine forex rates. The official NAFEX rates are sourced from the FMDQOTC website. Parallel market rates are obtained from various online media outlets. The rates at which you buy or sell forex may differ from those mentioned in this article.
