Pounds to Naira Black Market Rate

Pounds to Naira Black Market
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Exchange Rate Pounds to Naira in Black Market Today

The Pounds (GBP) to Naira (NGN) Black Market rate for today in Lagos, Nigeria is  ₦ 2260 as of 22 February 2024.

1 Pounds = ₦ 2260.00

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How Much is Pounds to Naira in the Black Market?

The rates often vary slightly from city to city such as Abuja, Lagos, Port Harcourt, Kano, and Calabar. Usually, this difference is not more than ₦ 2.00.

Pounds to Naira Conversion     Naira
1     ₦ 2, 260
10     ₦ 22, 600
50     ₦ 113, 000
100     ₦ 226, 000
150     ₦ 339, 000
200     ₦ 452, 000
1000     ₦ 2, 260,000
2000     ₦ 4, 520, 000
10000     ₦ 22, 600, 000
100000     ₦ 226, 000, 000

 

Check out other rates below:

 

Buying and Selling Black Market Terminologies Defined

The buying rate refers to the amount in Nigerian currency one receives after exchanging his/her 1 Pound in any market segment: the CBN, FX Market, Nigerian Banks, Western Union, MoneyGram, or from the parallel market traders.

The selling rate is the reverse of the buying rate which is the value the traders will sell 1 Pound to you when you pay in NGN and it is always higher than the buying rate.

It would help if you got acquainted with these terms when you are trying to trade or exchange the GBP for NGN 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 Nigerians use is the Naira, and its subunit is called 1 kobo. The Central Bank of Nigeria issues and regulates the currency. The symbol for the currency is ₦, while the code is NGN.

 

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