Izuchukwu E.N
What is the black market and aboki fx exchange rate for the pound to the naira as of today, March 22, 2023? See the exchange rate for pounds (GBP) and naira (Naira). Either at these rates or the most recent black market or parallel market rate, you can exchange your pounds for Naira.
The current GBP to Naira conversion rate is shown. See CBN & Black Market Exchange Rate for the pound to naira exchange rate. You can either exchange your pounds for naira at these rates or use the most recent black market or parallel market exchange rate to transform your pounds into naira.
Many Nigerians prefer to exchange foreign currencies, particularly British pounds sterling to naira, on the black market because the exchange rate is much higher than what the bank offers. If you want to know what the current black market rate is, go to this page.
The Aboki fx pounds to naira exchange rate has also been included here so that you can easily verify each rate for the currencies you want to exchange in parallel markets. Today, Aboki fx is the most reliable source for black market pounds to naira rates.
You can find their current exchange rate here.
GBP to Naira Black Market Rate Today
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Selling Rate | 750 |
| Buying Rate | 745 |
| Pounds to Naira (GBP to NGN) | CBN Official Exchange Rate Today |
| Selling Rate | 935 |
| Buying Rate | 920 |
Today’s Pounds to Naira Official Exchange Rate
The parallel exchange rate (black market rate) usually differs from the CBN rate. The Naira is currently trading at 573 Naira per Pound. The Pound to Naira exchange rate has a significant impact on the Nigerian economy.
As the Naira falls in value, inflation takes over the economy, which usually has a negative impact on citizens. Godwin Emefiele, Governor of the Central Bank of Nigeria, has stated that the Nigerian economy requires a massive turnaround and has urged Nigerian citizens to work towards it.
The black market rate for pounds, known as the Aboki market rate, is usually higher than the exchange rate at banks, which is usually regulated by the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can buy or sell pounds for naira that is listed on the CBN pounds to naira website cbn.gov.ng.
The bank rate for pounds to nairas is the rate you use when you buy something from a foreign website using your Naira Mastercard or Debit card from a Nigerian bank. These rates are almost always lower than those available on the black market.
CBN Official Naira Exchange Rates
The exchange rate between the Naira and the US dollar, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official.
| Date | Currency | Buying(NGN) | Central(NGN) | Selling(NGN) |
|---|---|---|---|---|
| 3/17/2023 | US DOLLAR | 459.89 | 460.39 | 460.89 |
| 3/17/2023 | POUNDS STERLING | 557.9385 | 558.5451 | 559.1517 |
| 3/17/2023 | EURO | 489.047 | 489.5787 | 490.1104 |
| 3/17/2023 | SWISS FRANC | 495.5711 | 496.1099 | 496.6487 |
| 3/17/2023 | YEN | 3.4669 | 3.4707 | 3.4745 |
| 3/17/2023 | CFA | 0.7237 | 0.7337 | 0.7437 |
| 3/17/2023 | CFA | 0.7237 | 0.7337 | 0.7437 |
| 3/17/2023 | WAUA | 612.4394 | 613.1052 | 613.7711 |
| 3/17/2023 | YUAN/RENMINBI | 66.7582 | 66.8312 | 66.9043 |
| 3/17/2023 | RIYAL | 122.4219 | 122.555 | 122.6881 |
Compare Exchange Rates:
Understand How to Find the Best Exchange Rate
Pound Sterling is used to benchmark the exchange rate market. Live’s custom currency rate comparison tool, includes built-in algorithms for locating the best market rates.
Why
Banks and financial institutions buy and sell currency from each other – these sizeable institutions are ‘the market’ and the rate they transact at is the ‘market rate’. The spread, which is essentially the difference between the buy and sell price, is the difference between how much a currency is purchased and sold.
When banks sell currency to retail customers, the spread widens significantly, and the profit on the transaction grows significantly.
As a result, when we focus on the transfer fee when sending money abroad, we frequently overlook the most significant cost: the exchange rate spread.
Foreign exchange providers have essentially recognized this and have entered the market to transfer money at tighter spreads, potentially saving their clients significant sums of money simply by providing better exchange rates.
For example, transferring £100,000 into euros is expected to result in a rate of between €112,480 and €113,296 with the UK’s leading high street banks. However, FCA-approved providers will offer a rate that ranges between €115,510 and €115,740 (based on rates as of 05/07/21).
Taking the time to work with an FCA-regulated currency provider could result in the delivery of an additional €2444 to €3030.
Everything revolves around safety
Pound Sterling Live only works with FCA-approved foreign exchange payment companies. This is important: FCA regulations and oversight require the money they transfer on your behalf to be protected through a process known as ‘safeguarding’. To be safe, the payments company must keep your money separate from their own in a top-tier bank. As a result, if the provider is under pressure, your money should be safe.
