What is the Pounds to Naira black market exchange rate today in October 2022, in this article, we are going to quickly take a look at the Pounds to Naira black market exchange and official rate.
You can use this information to know how much you should sell or buy Pounds in Nigeria if you want to buy or sell via commercial.
This is to let you know that the black-market purchase and sale of euro in Nigeria are contrary to the Central Bank of Nigeria’s financial laws and policies and are strongly frowned upon.
As such, we advise greatly advise all euro buyers and sellers to stick to the central bank (CBN) exchange rate and always do well to buy and sell with authorized dealers like the commercial banks.
As a result, we will figure out how much Euros are exchanged (both buying and selling) for Nairas at the official and black market exchange rates in June 2022.
In this article by Humortainment, you will learn all you need to know about the Pound to Naira exchange rate.
How Much Is Pounds To Naira Black Market Rate
Here you can always find the latest exchange rate between the Pounds and Nigerian Naira.
You can check this regularly in order to get an accurate conversion rate. In this case, the current Pounds To Naira Exchange Rate Today in the Black Market, or Aboki as it is widely known, is given below.
Pounds To Naira Black Market: Buying : 1 GBP = ₦760 Selling : 1 GBP = ₦770
Nigeria Naira To Pounds Black Market Rate
As you can see right now the Pounds to naira black market exchange rate is ₦760.
Being better informed about current rates help you negotiate better and always be ahead in time each time you step your foot at the local street /exchange market
Note: the exchange rate of Pounds to Naira in the black market or parallel market is quite much different from the bank rate and the difference is something every one should be worried about which is 760.
Note that when ever there are intervention made by the central banks there might most likely be an appreciation against the Pounds, but don’t worry we are here to cover you up by giving you the right rates as reflected on the currency market.
Naira to Pounds Black Market Rate:
Buying: ₦760 = GBP 1.3793
Selling: ₦770 = GBP 1.3975
CBN Official Rate Of Pounds To Naira
The official rate of Pounds to Nigerian Naira exchange rate (GBP–NGN) as of 27 Jun 2022:
Official Rate of 1 Pounds = ₦551
How Much Is Pounds To Naira Today In Black Market | Pounds To Naira Today
According to our checks for today, Pounds is selling for ₦760, which means if you have £1, you could exchange it for just ₦760.
How Much Is Naira To Pounds Today In Black Market | Naira To Pounds Today
Naira To Pounds Black Market ₦1 = GBP 0.0018
Current Rate Of Pounds To Naira Black Market Today 2022
We bring to you GBP/NGN (Pounds to Naira) exchange rate today from the Black Market Lagos, Nigeria rate:
|Pounds (GBP)||Naira (NGN)|
Current Rate Of Naira To Pounds Black Market Today 2022
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Convert Pounds To Naira
|Pounds (GBP)||Naira (NGN)|
Convert Naira To Pounds
|Naira (NGN)||Pounds (GBP)|
How is Pounds Currency Founded?
The British pound has its origins in continental Europe under the Roman era. Its name derives from the Latin word “poundus” meaning “weight”.
The £ symbol comes from an ornate L in Libra.
The pound was a unit of currency as early as 775AD in Anglo-Saxon England, equivalent to 1 pound weight of silver. This was a vast fortune in the 8th century.
Athelstan, the first King of England adopted sterling as the first national currency. He set up mints around the country to supply the growing nation.
One pound could buy you 15 cows.
Pounds is the official currency of the United Kingdom and its associated territories.
The pound (sign: £) is the main unit of sterling, and the currency itself may be referred to as pound sterling or the British pound. One pound sterling is subdivided into 100 pence sterling.
Sterling is the world’s oldest currency that is still in use and that has been in continuous use since its inception.
It is currently the fourth most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen.
Together with those three currencies and the Chinese yuan, it forms the basket of currencies which calculate the value of IMF special drawing rights.
As of mid-2021, sterling is also the fourth most-held reserve currency in global reserves.
All these currencies are government-issued fiat currencies.
Sterling is also the currency in these territories: Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha.
Local issues of the pound are produced in these territories which are valued at par with the British pound: the Guernsey pound, Jersey pound, Manx pound, Gibraltar pound, Falkland Islands pound), and the Saint Helena pound.
Other territories have transitioned to the U.S. dollar, e.g. Bermuda in 1970.
The Bank of England is the central bank for the pound sterling, issuing its own banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland.
Sterling banknotes issued by other jurisdictions are not regulated by the Bank of England; their governments guarantee convertibility at par.
Sterling was also used to varying degrees by colonies of the British Empire.
The Bank of England had stated in 2009 that the decision had been taken to prevent the rate of inflation falling below the 2% target rate.
Mervyn King, the Governor of the Bank of England, had also suggested there were no other monetary options left, as interest rates had already been cut to their lowest level ever (0.5%) and it was unlikely that they would be cut further.
The inflation rate rose in following years, reaching 5.2% per year (based on the Consumer Price Index) in September 2011, then decreased to around 2.5% the following year.
After a number of years when inflation remained near or below the Bank’s 2% target, 2021 saw a significant and sustained increase on all indices: as of November 2021, RPI had reached 7.1%, CPI 5.1% and CPIH 4.6%.
History of Nigeria Naira (Pre-colonial – Present)
During the pre-colonial era, different cultures used a variety of items as means of exchange.
These included cowries, manilas, beads, bottles and salt amongst others.
The first major currency issue in Nigeria was undertaken sequel to the colonial ordinance of 1880 which introduced the Shillings and Pence as the legal tender currency in British West Africa.
The units of coins managed by the Bank of England were one shilling, one penny, 1/2 penny and 1/10 penny and were distributed by a private bank, the Bank for British West Africa till 1912.
From 1912 to 1959, the West African Currency Board (WACB) issued the first set of banknotes and coins in Nigeria, Ghana, Sierra Leone and the Gambia.
The highest banknote denomination was one pound, while the one shilling coin was the highest coin denomination.
On 1st July, 1959 the Central Bank of Nigeria (CBN) issued Nigerian currency banknotes, while the WACB-issued banknotes and coins were withdrawn.
It was not until 1st July, 1962 that the currency was changed to reflect the country’s republican status.
The banknotes which bore the inscription, ’FEDERATION OF NIGERIA‘, now had, ‘FEDERAL REPUBLIC OF NIGERIA’, inscribed at the top.
The notes were again changed in 1968 following the misuse of the currency banknotes during the civil war.
Sequel to the decision by the government to change from the metric to decimal, the name of the Nigerian currency was changed in January, 1973.
The major unit of currency which used to be £1 ceased to exist and the one naira which was equivalent to ten shillings became the major unit, while the minor unit was called the kobo; hundred of which made one naira.
On 11th February 1977, a new banknote with the value of twenty naira (₦20) was issued.
It was the highest denomination introduced at the time as a result of the growth of the economy; the preference for cash transactions and the need for convenience.
The banknote was the first in Nigeria to bear the portrait of a prominent Nigerian citizen, the late Head of State, General Murtala Ramat Muhammed (1938-1976) who was the torch bearer of the Nigerian Revolution in July, 1975.
The note was issued on the 1st anniversary of his assassination as a fitting tribute to a most illustrious son of Nigeria. He was declared a national hero on 1st October 1978.
On 2nd July, 1979, new currency banknotes of three denominations, namely ₦1, ₦5 and ₦10 were introduced.
These notes were of the same size i.e. 151 X 78 mm as the ₦20 note issued on 11th February, 1977.
In order to facilitate identification, distinctive colours were used for the various denominations.
The notes bore the portraits of three eminent Nigerians, who were declared national heroes on 1st October, 1978.
The engravings at the back of the notes reflected various cultural aspects of the country.
In April 1984, the colours of all the banknotes in circulation were changed with the exception of the 50 Kobo banknote to arrest the currency trafficking prevalent at the time. In 1991, the 50K and ₦1 were both coined.
In response to the expansion in economic activities and to facilitate an efficient payments system, the ₦100, ₦200, ₦500 and ₦1000 banknotes were introduced in December 1999, November 2000, April 2001 and October 2005 respectively.
On 28th February, 2007, as part of the economic reforms, ₦20 was issued for the first time in polymer substrate, while the ₦50, ₦10 and ₦5 banknotes; as well as ₦1 and 50K coins were reissued in new designs, and the ₦2 coin was introduced.
On 30th September, 2009 the redesigned ₦50, ₦10 and ₦5 banknotes were converted to polymer substrate following the successful performance of the ₦20 (polymer) banknote.
Thus, all lower denomination banknotes were now printed in the polymer substrate.
Finally, the CBN, as part of its contribution towards the celebration of the nation’s 50th anniversary of Nigeria’s Independence and 100 years of its existence as a nation, issued the ₦50 Commemorative polymer banknote on 29th September, 2010; and the N100 Commemorative banknote on 19th December, 2014 respectively.
What Is The Real Meaning Of Exchange Rates?
Exchange rate, the value of one country’s money against another country’s money. For example, Canadian Dollar to Naira, Euro to Dollar, and so on.
The exchange rate is “fixed” when the countries use gold or another agreed standard and each currency is worth a certain size of the metal or other standard.
Exchange rates “float” when supply and demand or speculation drives up the exchange rate (unit conversion).
When a country imports large quantities of goods, demand increases the exchange rate for that country, making the imported goods more expensive for buyers in that country.
When goods become more expensive, demand falls and money in this country becomes cheaper than money in other countries.
What Affects The Exchange Rate Of Pounds To Naira
In a flexible exchange rate system, exchange rates may change on a daily basis, but in very small amounts, often less than a penny.
However, important economic factors such as changes in government or business decisions can affect exchange rates.
This is exactly the reason why Pounds to Naira exchange rate is always fluctuating.
Pounds To Naira Bank Rate Today
Pounds To Naira Today: £1 = ₦551
Pounds To Naira – Access Bank Exchange Rate Today
Pounds To Naira – Access Bank Exchange Rate Today is ₦552
Pounds To Naira – First Bank Exchange Rate Today
Pounds To Naira – First Bank Exchange Rate Today is ₦551
Pounds To Naira – Guarantee Trust Bank (GTB) Exchange Bank Rate Today
Pounds To Naira – Guarantee Trust Bank (GTB) Exchange Bank Rate Today is ₦552
Pounds To Naira – UBA Bank Exchange Rate Today
Pounds To Naira – UBA Bank Exchange Rate Today is ₦553
Pounds To Naira – Zenith Bank Exchange Rate Today
Pounds To Naira – Zenith Bank Exchange Rate Today is ₦552
Pounds To Naira – Wema Bank Exchange Rate Today
Pounds To Naira – Wema Bank Exchange Rate Today is ₦551
Moneygram Pounds To Naira Today
Moneygram Pounds To Naira Today is ₦590
Can I Buy Pounds From Nigeria Banks?
Yes, you can purchase Pounds from any commercial bank or bureau de exchange operator.
Previously, all registered and certified currency exchange operators could purchase Pounds directly from CBN, but unfortunately that has changed.
You can no longer purchase Pounds from Central Bank of Nigeria.
CBN recently stopped selling Pounds and other currencies to Bureau de Change operators.
Currently you can only buy Pounds from commercial banks in Nigeria.
Just go to one of the commercial banks in Nigeria such as Zenith Bank, Guarantee Trust Bank, Access Bank, First Bank, Fidelity Bank, Union Bank and United Bank of Africa.
Go straight to their customer service and ask for Pounds.
You might want to read Nigerian Banks And Their Customer Care Service Line
Why Can’t You Buy Pounds From CBN?
To curb unexplained profits, CBN halted selling Pounds to currency exchange operators, and as a result, they sold Pounds at exorbitant prices, which today adversely affect the stability of the Pounds to naira black market rate.
The Nigerian currency has been negatively impacted by the greed of some currency exchange operators who sell Pounds at high prices just to make money.
This suggests that only commercial banks can currently sell Pounds to individuals and businesses at a fair price.
Commercial banks sell Pounds to individuals primarily for the following purposes; Payment of medical bills abroad, payment of school fees abroad, official travel allowances and personal travel allowances.
It is always safe and cheaper to buy Pounds from commercial banks because their interest rates may not be as high as parallel market rates.
Many banks can give you a lower interest rate based on how many Pounds you buy. This method is more suitable for people who want to buy large amounts of Pounds.
Just go to one of the commercial banks in Nigeria such as Zenith Bank, Guarantee Trust Bank, Access Bank, First Bank, Fidelity Bank, Union Bank and United Bank of Africa. Go straight to their customer service and ask for an Pounds.
Also, it worth noting that some banks may not have enough Pounds cash, if you want to buy in bulk, you may need to buy some quantities from other banks to add.
Can I Receive Pounds Into My Naira Account?
Naira bank accounts can only receive naira currency. You cannot receive Pounds into your naira account.
Pounds can only be received through a Pounds account, also called a domiciliary account, if you live in Nigeria. This is the only way to get Pounds into your bank account in Nigeria.
Although there are some ways to accept Pound, such as Payoneer and Western Union money transfers, these are complicated to use. We recommend opening a domiciliary account instead.
So that is all you should know for now about the Pounds to Naira [OFFICIAL RATE & Black Market Today 2022].
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