Exchange Rate Pounds to Naira in Black Market Today
The Pounds to Naira Black Market rate for today in Lagos, Nigeria is ₦ 740.00 as of 01 December 2021.
1 Pounds = ₦ 740.00
How much is Pounds to Naira in Black Market today?
The rates often vary slightly from city to city in Nigeria such as in Abuja, Lagos, Port Harcourt, Kano, Calabar. Usually, this difference is not more than ₦ 2.00.
However, the rate contained here is sourced from the Lagos Market which is ₦ 740.00
Check out other Pound to Naira rates below:
Buying and Selling Pounds and Naira Black Market Terminologies Defined
The buying rate refers to the amount in Naira that one receives after exchanging his/her 1 Pounds in any of the market segments that is the Central Bank of Nigeria, FX Market, Nigerian Banks, Western Union, MoneyGram, or from the black market traders.
The selling rate is the reverse of the buying rate which is the value the traders in the above markets will sell 1 Pounds to you when you pay in Naira, and it is always higher than the buying rate.
It is important you get yourself acquainted with these terms when you are trying to trade or exchange Pound to Naira in various financial institutions or money exchangers.
The British Pound (GBP)
The British Pound Sterling (GBP) is generally accepted in Nigeria for international trade. A subunit of the Pound is known as 1 Penny, and the symbols of Penny and Pound are (p) and £ respectively.
However, some other countries besides the UK, also use the Pound Sterling as their official currency. These countries include – Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha,
The Nigeria Naira (NGN)
The official currency used by Nigeria is known as the Naira and its subunit is called 1 kobo. The Central Bank of Nigeria issues and regulates the currency. The symbol for the Naira is ₦, while the code is NGN.