The pound is the official currency of the United Kingdom. It is also the currency used in several other countries, including Gibraltar, the Falkland Islands, South Georgia, and the South Sandwich Islands.
The pound sterling is the fourth most-traded currency in the foreign exchange market. It is also the third-largest reserve currency after the U.S. dollar and the euro.
The currency rate between pounds and Nigerian nairas has been updated using the Lagos exchange rate.
The Pound Currency
The pound sterling is the fourth most-traded currency in the foreign exchange market and is also the third-most-held reserve currency in global reserves.
The pound is subdivided into 100 pence (singular: penny; abbreviated: p). The symbol for the pound is £, and the ISO code is GBP. Numerous countries have pegged their currencies to the pound sterling.
The pound sterling is one of the oldest currencies still in use today and one of the most commonly used.
The first recorded use of the pound sterling was in 860 AD when it was worth one-tenth of a troy ounce of gold. In 1066, the pound was introduced as the official currency of England, replacing the Anglo-Saxon sterling.
A pound is a unit of account in some countries, including the United Kingdom, Ireland, and several Commonwealth countries.
Pounds to Naira Black Market Exchange Rate Today
Pounds to Naira (GBP to NGN)Black Market Exchange Rate Today
Buying Rate – 915
Selling Rate – 950
Pounds to Naira (GBP to NGN) CBN Official Exchange Rate Today
Selling Rate – 545.9237
Buying Rate – 547.1524
Factors affecting the exchange rate of the Pounds to Naira
While the GBP/NGN exchange rate fluctuates constantly, the underlying factors that drive the value of each currency remain consistent.
Understanding the fundamentals of currency exchange can help you make better decisions when it comes to trading or exchanging currency.
The most important factor in determining the GBP/NGN exchange rate is the relative economic strength of both countries.
If one country has a strong economy compared to the other, then its currency will usually be worth more than the other currency.
Additionally, differences in inflation and interest rates between the two countries also play a role in determining the rate of exchange.
Political and economic stability play an important role in determining the exchange rate of the Pounds to Naira.
Finally, supply and demand is another key factor influencing the rate of exchange between the GBP and NGN.
When demand for one currency is high, traders will often buy large quantities of it, driving up its value. This can lead to significant fluctuations in the exchange rate.
Countries That Use Pounds
The British Pound Sterling is one of the most powerful currencies in the world and it is used as legal tender in several countries.
The Pound is used as the official currency in:
- The United Kingdom
- The Isle of Man
- South Georgia and the South Sandwich Islands,
- The British Antarctic Territory and Tristan da Cunha
- Gibraltar and Zimbabwe.
- Sierra Leone,
How to get the best Pounds to Naira exchange rate
The Black Market rate is determined by some factors, including market forces, international relations, and currency availability.
It’s always best to look around and compare rates before you commit to any particular deal.
Here are some tips for getting the best exchange rate when converting your Pounds to Naira on the Black Market:
- Compare Rates – Different money transfer services and banks offer different exchange rates for Check Fees
- Use an Established Source – While it can be tempting to go with an unknown source, it’s generally safer to use an established money transfer service or bank that has a good reputation.
- Follow Exchange Rate Trends – The exchange rate between two currencies can fluctuate rapidly, so keeping an eye on trends can help you get the best rate possible.
By following these simple tips, you can be sure to get the best Pound to Naira exchange rate when using the black market.
Pounds to Naira Black Market Exchange Rate FAQS
How Much is Pounds to Naira in black market Today?
Today, the current pounds to naira exchange rate in the black market is around 808 NGN to 1 GBP. This means that for every pound you have, you will receive 808 naira. Remember that this is just an estimate, as the rate can fluctuate frequently.
How much is a pound of black market?
The average rate of one pound sterling to one naira on the Nigerian black market as of today is 950.00 naira.
What is aboki rate?
The exchange rate for dollars on the black market, also known as the Aboki market, is typically higher than the rate at the banks, which is usually regulated by the Central Bank of Nigeria (CBN)
Can I buy dollar from Zenith Bank?
A: You certainly can, and in order to make purchasing foreign currency as easy and hassle-free as possible, the company has implemented specialized Foreign Currency Teller Points in each and every one of their locations around the country.
Can Kuda receive dollars?
No, that cannot be done. You are required to do so by opening a bank account with a conventional Nigerian bank denominated in United States dollars (called a domiciliary account)
Can I receive Dollar in my GTBank naira account?
Customers of GTBank can currently receive foreign currency cash flow in US Dollars, British Pounds, or Euros. Other currencies from around the world may be accepted, but they will need to be changed into one of the three currencies mentioned.
The recipient must have an active domestic account in the currency that is being received as a payment.
The Pounds to Naira exchange rate varies daily and can be affected by various factors such as economic conditions, geopolitical events and changes in interest rates.
In the black market, Pounds are exchanged for Naira at different rates depending on demand and supply. The rate may differ from what is available in the formal banking sector; this is where the term ‘black market’ comes into play.
It is important to note that due to its volatility, converting your money on the black market can be risky and it is always advised to consult a financial expert before making any exchange.