The British pound (GBP) continues to trade at a high value against the Nigerian naira (NGN) in the black market as forex demand remains strong. As of 30th January 2025 , the pound to naira exchange rate in the parallel market is:
This rate fluctuates based on supply and demand in the black market, as well as economic conditions affecting Nigeria’s foreign exchange reserves......Read The Full Article>>.....Read The Full Article>>
Several factors influence the naira’s exchange rate against the pound in the black market, including:
Forex Scarcity: Limited access to foreign exchange at official rates pushes businesses and individuals to the black market.
CBN Policies: The Central Bank of Nigeria (CBN) continues to adjust policies that impact forex supply and demand.
Economic Uncertainty: Inflation, rising import costs, and external debt affect the strength of the naira.
Trade and Investment Flow: The UK remains a major trade partner for Nigeria, and fluctuations in trade volumes influence currency exchange rates.
While the black market exchange rate for the pound to naira is ₦1,985.00 – ₦2,032.00 , the official exchange rate from the CBN is often lower. However, due to restrictions on forex supply at official rates, many individuals turn to the black market for currency exchange.
For real-time updates on the pound to naira black market exchange rate, visit Investors King and Naira Today for accurate forex rates and financial news.
The naira continues to face depreciation against the pound due to economic pressures and forex market instability.
Staying informed about the latest exchange rates can help individuals and businesses make better financial decisions in a fluctuating forex environment.