As of today, Sunday, December 3rd, 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 ₦1,469 per £1 at the parallel market.
Pounds to Naira (GBP to NGN) Black Market Exchange Rate Today
Buying Rate: ₦ 1455
Selling Rate: ₦ 1469
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
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.