Do you want to know about the pounds to the naira exchange rate? Are you thinking about travelling overseas or performing some transactions online, but you don’t know what the present exchange rate is?
The exchange rate between the pound and the naira is crucial to know. Particularly when it comes to the Aboki fx pound to naira rate. If you are travelling overseas or want to do some online transactions, you definitely need to know about the exchange rate.
In this article, we will be talking about everything you need to know about how much is the pound to naira. The present exchange rate for pound sterling to naira includes the black market rate and the CBN rate. You change your pound to naira at this rate or change your pound to naira at the equivalent market or the new black market rate.
So, let’s go further to see the actual central-market exchange rate and Aboki FX rate today. We pit the Pound and the Naira Bank rate vs the Aboki FX rate.
Pound Sterling to Naira Today Exchange Rate
The Nigerian currency has devalued significantly in the past few years. When you compare it with other major currencies, it is just sad how we got to this point. The exchange rate between the British pound sterling and the Nigerian currency goes up and down regularly.
The rate has been spiralling all the way down in the past few months. As the market recedes and drifts, it still stays quite low when you consider the exchange rates for today’s date.
So how well is the pound doing to the naira exchange rate at the black market (equivalent market) and the Aboki fx? We will be giving you the actual exchange rate of the British pound to the naira below.
British Pounds to Naira Black Market Rate Today
Here is the exchange rate that will help you make informed decisions on saving on your international money transfers. The present British pound to naira black market rate is charted below.
|Pound to Naira (GBP to NGN)||Black Market Exchange Rate Today|
Presently, Naira trades at N750 per £1 at the equivalent market as abokiFX straightens forex details.
Note: The Central Bank of Nigeria does not approve the black market (equivalent market) and vouch for persons that want to be part of Forex to get across to their personal banks before carrying out their transactions.
Pounds to Naira CBN Exchange Rate
In Nigeria today, the exchange rate of pounds to naira black market is not the same as the CBN exchange rate and other commercial banks.
The CBN exchange rate that you can sell or buy pounds for naira on the certified portal of the Central Bank of Nigeria, which is www.cbn.gov.ng. The exchange rate for pounds on the black market is always greater than the exchange rate of the Central Bank of Nigeria (CBN).
|Currency||Sell / Buy Rate||Change||Date|
|GBP||₦ 521.5325 / 520.2777||0.01%|
Pounds to Naira at FX Market Exchange Rate
As we said before, the naira fluctuates in value against other currencies on a daily basis. So keep checking back regularly for the real exchange rate before carrying out your online transactions.
What determines the currency conversion rates?
In this black market rate, we’re mostly worried about the exchange rates from the UK to Nigeria. However, the rates between the UK and the United States are also very crucial. This is because Nigeria’s currency is trading at a similar rate to the British pound.
Therefore, the present exchange rates between the pound to the Naira and the pound to the dollar are influenced majorly by the exchange rates between the pound and the US dollar. You then convert the rate to the Nigerian Naira at the closest black market rate.
The black market rate of the pound to Nigerian currency has a limit that differs with the economy of both countries. For example, the prices of fuel and other products have dropped radically in the UK since the Brexit vote. This has influenced the rate of the pound to the Nigerian currency.
How can you convert currency?
There are a number of ways that you can convert currency, it includes through telephone, the internet, or by mail. If you can not have your hands on these options, there are other ways to have someone do the conversion for you.
We will talk about one of these ways. If you have someone willing to buy, they should be able to make use of any one of these ways to get your money to you. Do not save your money in a bank to have it converted for you.
The only method we will be talking about if you want to convert currency is to give the individual the amount of currency and ask for more than you gave. There are limits to the number of transactions you will be able to perform.
This is mostly below $500. If you are unsure about how much to offer and are not offering too much currency, it is best to pay for the money and ask them to help you convert.
Nigerian Banks Pounds Rate Today
- GTbank Pounds to Nigerian currency exchange rate today: £1 = ₦649
- First Bank Pounds to Naira exchange rate today: £1 = ₦611
- Stanbic IBTC Pounds to Nigerian currency exchange rate today: £1 = ₦632
- Zenith Bank Pounds to Naira exchange rate today: £1 = ₦616
- Access Bank Pounds to Nigerian currency exchange rate today: £ 1 = ₦621
- UBA Pounds to Nigerian currency exchange rate today: £1 =₦629
- Skye Bank Pounds to Naira exchange rate today: £1 = ₦454
- Ecobank Pounds to Nigerian currency exchange rate today: £1 = ₦621
- Union Bank Pounds to Nigerian currency exchange rate today: £1 =₦664
- FCMB Pounds to Naira exchange rate today: £1 =₦567
- Sterling Bank Pounds to Nigerian currency exchange rate today: £1 =₦601
There are quite a few cases whereby converting money in the black market can be a good way to go. So, it is crucial to know what it entails. Take your time to study a few things about the latest and present rates, then see if you can take full advantage of it to soothe your purpose.
FAQs for the Pounds Sterling and the Naira
1 GBP = 551.993932 NGN
Pound to Naira black market exchange rate today has an average of ₦935.00
The fifty-pound sterlings is worth ₦27,569.38 (NGN) today or ?? twenty-seven thousand five hundred sixty-nine naira 38 kobos.
The black market, commonly referred to as Aboki market rate for dollars, is usually higher than the exchange rate at the banks, which is usually regulated by the Central Bank of Nigeria (CBN).
GTbank Pounds to Naira exchange rate today: £1 = ₦649