What comes to our mind when we hear of the exchange rate, most times, lots of us don’t even know about it. The exchange rate in the black market is actually different from the one in the bank. Well before I spill it here, let’s dive into this article and see what we got for you all.
Pound is the official currency of the UK and some other countries
which include Egypt, Lebanon, South Sudan, Sudan, Syria etc. It is one
of the strongest (in value) and most traded currencies in the world.
Pounds was also once the official currency in Nigeria between 1958 to
1973 when it was replaced by the Naira.
The Naira is the current currency used by the biggest black nation in
Africa, which is the Federal Republic Of Nigeria. The Nigeria Naira
have maintained a stand of being one of the strongest currency in
Africa as at the 20th century, but getting to the 21st century
especially in recent times, things have really changed negatively. The
foreign exchange rate of the Nigeria Naira have been on the decline in
an alarming rate.
The Naira currency has fallen drastically within the last few months
due to some problems in Nigeria causing it to lose its value in the
So many business personnel have lost so much money during this period
of the instability of Naira and that is why it becomes of great importance
that one knows the current exchange rate of Naira to Pound.
If you are looking for the current exchange rate of pounds to naira,
you have come to the right place.
As at October, the current Exchange Rate of Naira to Pounds in the
Black market is
Buying = 1 Pound to N470.
Selling = 1 GPB to N478.
Pounds Rate Reference: NaijaQuest.com and Abokifx
Most Banks in Nigeria buy at the official rate which is
Buying = 1 Pound to N398.5431.
Selling = 1 Pound to N399.8513.
and sell at the black market rate in order to take a lot of profit.
In other words, most banks will calculate with official rate when you
receive foreign currency to your savings account but charges you at
the black market rate when you shop on foreign sites with your Naira
Also if you import from or export to countries that make use of
Pounds, you need to stay updated on both the buying and selling rate
of naira to pounds.
Nigerians are all over the globe but are more in the UK and places
like Canada where pounds currency is used. This article is useful for
a Nigerian planning to travel to the UK to school or work or spend the holiday, because before going, one must have a knowledge of how spending is going to be like over there. You may have a hundred thousand naira
here in Nigeria and may think it will be enough for you but may be surprised to see little it will be when you convert it to Pounds or Dollar.
Since The unfortunate free fall of the Naira begin last year, it had
been difficult for it to regain its strength against major currencies
of the world. Though the Federal government had tried all it could and
have been successful lately in increasing the strength of the naira,
though it's still not where it was before the current administration,
the trend is on the increase even after stopping the official pegging
of the exchange rate which was thought would bring about the
strengthening of the Nigerian currency. What then are the causes of
this “calamities” that had befallen the Naira?
Some reasons why Naira has fallen drastically in the market are:
Little among numerous reasons the Naira value is on free fall are:
1. High importation rate because of too much dependence and love for
2. High demand for dollar, which makes it scarce and in turn affects Naira.
3. One major source of revenue. The fall in the global oil price
affects Nigeria economy because it accounts for over 70% of our total
4. Due to the recession in Nigeria
Now I believe you now know a lot about the exchange rate in the black market. For those of us who want to go there for some transaction, we believe accurate information has now been given to you.