As of today, Tuesday, November 28, 2023, the Black Market exchange rate for Pounds to Naira in Lagos, Nigeria, has been disclosed. The local currency, often referred to as abokiFx, commenced the day at ₦1,460.00 per £1 at the parallel market, maintaining the same rate observed on Monday, November 27, 2023.
Pounds to Naira (GBP to NGN) Black Market Exchange Rate Today
- Buying Rate: ₦1,440
- Selling Rate: ₦1,460
These rates are subject to fluctuations as influenced by the supply and demand dynamics in the foreign exchange market.
Note: The exchange rate is susceptible to hourly adjustments, presenting opportunities for those looking to convert Pounds to Naira.
Factors Influencing Foreign Exchange Rates
1. Inflation Rates: The exchange rate is directly impacted by inflation. Stabilizing the Nigerian economy and controlling inflation can contribute to the strengthening of the Naira against the Pound.
2. Interest Rates: Keep a watchful eye on interest rates, as a rise in the rates at which banks lend money can contract the economy, leading to a depreciation of the Naira.
3. Government Debt: National debt levels influence investor confidence and fund influx. Higher inflows can favor the Naira in the exchange market.
4. Speculators: Speculative activities can significantly impact exchange rates. Anticipated gains can lead to hoarding, causing fluctuations in the Naira’s value.
5. Conditions of Trade: Favorable trade terms can enhance the Naira’s value. Nigeria’s current trade deficit, sourcing products from various countries, including China and India, plays a role in the exchange rate dynamics.