1 pound to naira at the black market and aboki fx today, 2nd February 2023.
The black market exchange rate for the pound today is between 850 and 880.
You can exchange your pound for naira at these rates or at the most recent rate on the
parallel or black market.
Since the conversion rate on the black market is substantially higher than what the bank offers, Nigerians prefer to swap foreign currencies, especially pound to Naira.
You can find all the information and the current exchange rate for the pound against the naira on this page, including the CBN and black market rates.
The black market rate for pounds is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell pound for Naira on the CBN pound-to-naira website, cbn.gov.ng.
The pound to naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those available on the black/parallel market.
pound to Naira Black Market Exchange Rate Today
Selling Rate 880
Buying Rate 850
Here are a few reasons why the pound to naira conversion rate is declining.
1.Rates of inflation: It is common knowledge that inflation has a direct impact on exchange rates on the black market. The naira will gain if the Nigerian economy can be stabilized and inflation is kept under control; however, if the naira keeps falling, it might mean that food and other needs are getting more expensive on a daily basis.
2.Interest Rates: Monitoring interest rates is a further strategy. A rise in the interest rate at which banks lend money would be detrimental to the economy, cause it to contract, and consequently lower the value of the naira.
Government Debt: A country's level of debt may have an effect on investor
confidence and, consequently, the flow of money into the economy. If inflows are substantial,
the currency rate will move in the naira's favor.
Speculators: Speculators routinely affect the exchange rate between the naira and the pound. They accumulate funds in anticipation of a profit, which pushes the value of the naira further lower.
Conditions of Trade: Although Nigeria is currently running a trade deficit, favorable trade terms will raise the value of the naira relative to the pound. China, India, and the majority of Asian nations are the source of everything.