On Wednesday, 20th December, 2023, the Black Market exchange rate for Pounds to Naira in Lagos, Nigeria, has been revealed. The local currency, known as abokiFx, started the day at ₦1500 per £1 in the parallel market.
Pounds To Naira (GBP to NGN) Black Market Exchange Rate Today
| Pounds to Naira (GBP to NGN) | Black Market Exchange Rate Today |
|---|---|
| Buying Rate | ₦1530 |
| Selling Rate | ₦1500 |
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.
Pounds To Naira Rate For Past 7 Days
| Date | Buy | Sell |
|---|---|---|
| December 19, 2023 | 1545 | 1530 |
| December 18, 2023 | 1545 | 1530 |
| December 17, 2023 | 1550 | 1530 |
| December 16, 2023 | 1550 | 1530 |
| December 15, 2023 | 1528 | 1507 |
| December 14, 2023 | 1528 | 1507 |
| December 13, 2023 | 1507 | 1532 |
Factors Influencing Foreign Exchange Rates
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.
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.
Government Debt
National debt levels influence investor confidence and fund influx. Higher inflows can favor the Naira in the exchange market.
Speculators
Speculative activities can significantly impact exchange rates. Anticipated gains can lead to hoarding, causing fluctuations in the Naira’s value.
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.
