Black Market Pounds To Naira Exchange Rate Today, 1st December 2023

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Pounds to Naira
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As of today, Friday, December 1, 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 ₦1,450.00 per £1 at the parallel market.

Pounds to Naira (GBP to NGN) Black Market Exchange Rate Today

Buying Rate: ₦1,450
Selling Rate: ₦ 1,500

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.

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