Pound to Naira Black Market Exchange Rate Today: Whether you deal in foreign currency from time to time, or you are interested in how the wheel of the economy is spinning, knowing the conversion rate of Foreign currency like Pound sterling is one of the ways to determine the state.
Moreover, as someone who always finds the need to convert pound to naira at the Aboki FX exchange respective location, it is worth knowing the current rate of the GBP to avoid being cheated. We all know everyone is out to make more money than they would normally have made, it is on you to be ready when dealing with the Aboki or Bureau De Change Operators at the black market.
Additionally, you may also want to know the prevailing CBN rate for buying and selling of the Pound Sterling Currency. This information will be useful for Individuals and Enterprises and we would also be giving more details about this as well as the official rate of Pound Sterling set by the Apex Nigerian Bank, Central Bank of Nigeria later.
Before we go further, you should bookmark this page, so you can easily get the updated conversion rate when next you are planning to run a Pound – Naira Transaction.
What is Pound to Naira?
The Pound Sterling is the basic monetary unit of the United Kingdom (UK) in Northern Europe and South Georgia and the South Sandwich Islands in South America.
Zimbabwe also uses Pounds as legal tender. There are also other currencies that share a name with the currency, but this article will only be based on GBP, another world currency that rarely succumbed to the power of demands and supplies.
Pound Sterling, being one of the currencies that has the highest trading volume in the world and with an inflation rate of about 0.10%, one can always expect very strong traction between the currency and the home currency,
GBP is the abbreviation for the British Pound Sterling and also uses £ as its official symbol. There is another monetary unit of the British Currency, known as Pence. 100 pence is equal to one pound.
To convert Pound to Naira, you must have the physical note of Pound sterling at hand which you will now take to Aboki FX Spots or BDC operators. More info will be provided later in this article.
What is Naira (NGN) to Pound?
Every country in the world has a system of money generally used for the exchange of goods and services. Naira is used in Nigeria and its symbol is ₦. Kobo is another money unit in the country and is normally written as Kb. 1 hundred kobo makes 1 naira.
For most exchanges to take place, there must be an exchange of cash, whether in physical form or virtually for goods or services. The Nigerian currency, be it Naira or Kobo serves as a medium of exchange in the country. Meanwhile, little regard is given to Kobo.
The Naira has been experiencing a gradual fall for some time now. The current state of the naira is influenced by many factors and among them are the tumbling oil prices, the current account balance, and high debts which have left the national currency weakened further.
If you are earning or receiving money in pound sterling and asking, how much is 1 pound to naira? Hold still, as this article on GBP to Naira Black Market Exchange Rate as well as CBN Rate will address it.
How much is 1 Pound in Nigerian currency?
When going for Pounds to Naira conversion or Naira to Pound Sterling as you may want, endeavor to know the prevailing rate before jetting off to the black market.
The rate is determined by several factors and change, they say, is a constant thing in life. You might be surprised that a Pound to Naira exchange rate of about NGN 700 today could rise tomorrow or vice versa. It might also remain the same as influenced by these various determinants.
The CBN official exchange rate is another. The rates are updated from time to time for Individuals and Enterprises. We will also be providing the current CBN exchange rate for conversion of 1 Pound in Nigerian currency.
For the bank exchange rate on Pounds, you can always contact your respective bank for such information. They will be happy to help whenever you make your request.
The updated Pound to Naira conversion rate will come up in subsequent sections of this article.
Pound to Naira Black Market Exchange Rate Today
See the current exchange rate for Pounds to Naira for Today:
| Pound to Naira | Black Market Exchange Rate |
| Buying | 870 |
| Selling | 880 |
Pound to Naira Black Market Rate is the amount you get for swapping GBP currency for Nigerian currency in the Black Market. Aboki or Bureau De Change Operators are the biggest operators when it comes to conversion or exchange of one’s currency for another
The rate is usually better than what you will get elsewhere. But you will need the Pounds Sterling in Physical Cash unless a preliminary agreement was made for the cash to be transferred to a given pound or domiciliary account.
If you own a domiciliary account, you can branch at your bank to withdraw the physical cash. Alternatively, you can also receive the amount in physical notes depending on the mode of wire transfer used by the sender. Normally, if a foreign note is sent directly to the Beneficiary’s bank account, the rate will be determined by the CBN official exchange rate which is always poor.
If you need a better rate, you will need to pass through the herculean phase of opening a domiciliary account or at least request the sender to ensure that you can obtain Physical foreign notes at the withdrawal point.
CBN Exchange Rate of Pound to Naira Today
Below is the current exchange rate of Pounds to Naira as of Today:
- Buying: 989.2304
- Selling: 989.8728
The CBN official rate for the exchange of Pound to Naira is normally published for Individuals and Businesses.
The CBN Pounds to Naira exchange rate is the rate at which a currency is officially priced by the Apex Bank for swapping between two currencies, this is between a local and foreign currency.
Bank Pound to Naira Exchange Rate Today
Bank Pound to Naira Exchange Rate is the rate set by banks for customers who use their ATM or Debit card for online transactions on a foreign site. Cards like Naira MasterCard and VisaCard can be used to make purchases, while payment for goods or services will be charged based on the Bank Conversion Rate.
Customers can reach out to the bank they are using for the current exchange rate of Pound Sterling to NGN.
FAQ
1. How much is 100 Pound to Naira?
The amount you will get on 100 pounds will depend on the current exchange rate for Pounds to Naira. For example, if the rate to sell a pound at the black market is currently NGN700, then you will have to multiply the conversion rate by 100 Pounds, that is 700 multiply by 100 which will give you NGN 70,000.
In that case, 100 pounds to Naira will give a total amount of N70,000.
2. What is the best way to exchange Pounds for Naira?
No other method beats the exchange rate at the parallel market. If you want to get a good rate, you will need to use Aboki at the black market. The rates offered by financial institutions such as banks are not as good as what you will get from them.
3. What is Pound to Naira conversion rate?
Pound to Naira conversion rate is the same as Pound to Naira exchange rate. This means the amount you get when you exchange one currency for another.
Conclusion
The Pound to Naira exchange rate in Lagos could be different from the one in Abuja or Port Harcourt. This does not mean that the one provided in this post is incorrect. Regardless, getting the best deal will have something to do with how good you are at negotiating. Remember, the Aboki or Bureau De Change are out to get the best deal ever.
We always want to hear from you. You can always drop a comment or any input that may benefit the public.
Read other related posts
- Dollar to naira black market exchange rate today.
- Euro to naira black market exchange rate today.
- Canadian dollar to naira black market exchange rate today.
