Price of Naira to Pounds Black Market Today – 10th March 2024 can be accessed below.
The Naira to Pounds Black Market today March 10, 2024, refers to the rate at which the Nigerian currency, the Naira, can be exchanged for the British currency. In Nigeria, people who do business in the UK, or parents who send children to universities in the UK are always in search of favourable exchange when using naira to buy pounds. On the other hand, people who earn in pounds, or receive foreign remittances from the United Kingdom are interested in the price of pounds to naira in the black market. This post will cover both the exchange rate of naira to pounds and pounds to naira.
Naira-to-pounds and pounds-to-naira exchange rates in Nigeria are dominated by black market transactions. The black market rate, also known as the Aboki exchange rate is always higher than the official pound-to-naira exchange rate, the reverse is also true when using naira to buy pounds whether for travel, medical treatment, studying, or business.
It is important to note that while trading currencies in the black market are illegal and carry certain risks, it is almost the only way an average Nigerian can access pounds or convert naira to pounds.
Naira to Pounds Exchange Rate in the Black Market
The black market exchange rate of pounds in Nigeria is often higher than the official exchange rate. This is because individuals and businesses may prefer to trade in the black market to access foreign currency at their convenience, compared to going to the bank to obtain form M which generally takes longer to process. On the flip side, the black market exchange rate can be volatile and unpredictable, as it is not regulated by the government, CBN, or financial institutions in the country.
Monitoring the naira-to-pound exchange rate in the black market can provide insights into the economic conditions and stability of Nigeria. However, it is essential to rely on official sources and consult with financial experts to make informed decisions regarding currency exchange. Here, we work with our price researchers to obtain the street value of the pounds and other currencies such as US dollars, Canadian Dollars, and Euros from currency traders in Lagos and other parts of Nigeria. You can be sure that the pound-to-naira exchange rates we share here are up-to-date.
How much is pounds to naira today in the black market?
The current price of Pounds to Naira in the black market today in Nigeria is 2,062.969 Naira.
What is the current Aboki naira to the pounds exchange rate?
The current aboki naira to pounds black market exchange rate is 2,062.969<strong>. </strong>Note that the amount of Naira needed to buy £1 vary from place to place in Nigeria.
Aboki Pounds to Naira Black Market today
The price of Pounds to naira in the black market today March 10, 2024 is influenced by several factors. One of the main factors is the demand and supply dynamics of both currencies. If there is a high demand for Pounds and a limited supply, the price of Naira to Pounds will increase. On the other hand, if there is a low demand for Pounds and a surplus supply, the price will decrease.
As of today March 10, 2024, the current black market exchange rate of pounds to naira is ₦2,062.969. This means that 50 pounds to naira black market is equivalent to ₦103,148.45, £100 equals ₦206,296.90 and 1,000 pounds to naira black market is ₦2,062,969.00.
See the table below for a breakdown of Pounds to Naira Black Market Rates today March 10, 2024.
| UK Pounds Sterling (£) | Rate in Naira (₦) |
|---|---|
| £1 | ₦2,062.969 |
| £5 | ₦10,314.845 |
| £10 | ₦20,629.69 |
| £20 | ₦41,259.38 |
| £50 | ₦103,148.45 |
| £100 | ₦206,296.90 |
| £1,000 | ₦2,062,969.00 |
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Naira to Pounds Exchange Rate Fluctuations and their Effects on the Economy
Exchange rate fluctuations between the Naira and the Pound can have significant effects on the economy of a country. When the Naira depreciates against the Pounds, it means that it takes more Naira to purchase the same amount of Pounds. This can lead to an increase in the cost of imported goods and services, as well as foreign debt obligations. As a result, Nigerian consumers may experience higher prices for imported products, which can lead to a decrease in purchasing power and a potential rise in inflation.
Exchange rate fluctuations can also impact the competitiveness of domestic industries. When the Naira depreciates, it becomes cheaper for foreign investors to purchase goods and services from Nigeria. This can lead to an increase in exports, as foreign buyers find Nigerian products more affordable. On the other hand, it can also make imports more expensive, which can negatively affect industries that rely on imported raw materials or components. This can lead to a decrease in production and potential job losses.
The exchange rate fluctuations between the Naira and the Pound can also affect Foreign Direct Investment (FDI) in Nigeria. Investors are more likely to invest in countries with stable exchange rates, as it reduces the risk of currency depreciation and potential losses. When the Naira experiences significant fluctuations, it can create uncertainty for foreign investors, making them hesitant to invest in Nigeria. This can harm the economy, as FDI plays a crucial role in stimulating economic growth, creating jobs, and transferring technology and skills.
Other methods of converting Pounds to Naira in Nigeria
Exchanging foreign currency in Nigeria can be done in several ways aside from the commonly known street currency exchangers known as “Aboki”. These licensed Bureau De Change (BDC) operators offer rates that might differ from the official rates provided by banks.
One alternative and official way to exchange pounds to naira is through Nigerian banks. Most banks in Nigeria have foreign exchange services where you can buy or sell foreign currencies at rates that are typically close to the official Central Bank of Nigeria (CBN) rate. This option is considered safer and is regulated by the CBN.
Another method is using online currency exchange platforms. These platforms often provide competitive exchange rates and the convenience of transacting from anywhere. You would need to create an account and verify your identity, and then you can trade currencies like the British pound and the Nigerian naira. This method is also regulated and offers a level of security for your transactions.
Lastly, you can use money transfer services that are available in Nigeria. Companies like Western Union or MoneyGram allow you to send and receive money in different currencies. The exchange rates may vary and additional service charges may apply, but these services are fast and have numerous outlets across the country.
While the black market can sometimes offer higher rates for currency exchange, it’s important to be aware that such transactions are unregulated and can carry a higher risk. It is generally recommended to use official and regulated channels for currency exchange for security and legal compliance.
