Pounds To Naira Exchange Rate/Black Market Rate Today 4 May 2022 can be accessed below.
This is the news about the Pounds to Naira rate at the official and black market exchange rate Today May 4th 2022.
Read GoldenNewsNg update on the official pounds rates as well as Black Market rates, Bureau De Change (BDC) rates, and CBN rates.
Daily Pound to Naira, GBP to NGN, Black Market (Lagos) exchange rates, percentage changes, historical rate charts and currency converter.
How Much is Pounds To Naira Exchange Rate at Official Rate today 4th May 2022?
The official rate today, Wednesday, 4th May, 2022, for £1 pound to naira = ₦521.4786/£1.
According to the data from the CBN, exchange rate between the naira and the British pounds opened at ₦521.4786/£1 on Wednesday May, after it sold at ₦516.4589 to a £1 on Friday, 29th April 2022.
GoldenNewsNg reports that a pound is bought at the official market at ₦520.8506 and sold for ₦522.1066.
How much is exchange rate of Pounds to Naira in Black Market today 4 May 2022?
The exchange rate for a pound to naira at Lagos Parallel Market (Black Market) – Pounds exchaged for as low as ₦700 and as high as ₦765 on Wednesday, May 4th 2022, according to sources at Bureau De Change (BDC).
Meanhile, Naira has crashed above N600/$ at Aboki Black Market, See New Exchange Rate below.
GoldenNewsNg reports that a stronger dollar may mean bad news for the naira as it is expected to push above N600/$ due to the US Fed’s hawkish stance and the bullish momentum of the dollar index.
This online newspaper understands that all eyes will be on the Federal Reserve this week, as Chairman Jerome Powell is likely to announce a rate hike as well as new details on the Fed’s $9 trillion balance sheet unwinding plan.
GoldenNewsNg reports that the dollar rose towards a 20-year high on Monday as the euro struggled around the $1.05 mark. At the time of writing, the dollar index was trading a $103 up 10% within the last 6 months.
Due to the US dollar integration into the global economy, its gains are putting more pressure on businesses and governments as they prepare for rising interest rates on their dollar debt, particularly in nations like Nigeria that rely heavily on imports.
At the time of writing this article, the exchange rate at the peer-to-peer forex market was trading at N591.2/$1 down from closing at N565/$1 on December 31, 2021. This is indicative of a N26 depreciation YTD.
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