Up-to-date British Pound £ to Naira ₦ black market exchange rate today
The page primary focus is on British Pound to Naira daily black market exchange rate today which includes black market 1 GBP to NGN rate. The FX market is in a constant state of flux, rising or falling in response to economic and fiscal stimuli occurring anywhere on the planet earth.
One important reason you ought to check how much GBP to NGN black market exchange rate today is that it helps you to make a calculated decision especially for business and students who need British Pound for their education. You must know the price at the moment. This will help prevent buying or selling when it is not favourable.
For example, you have 1 British Pound at 360 Naira. You would not want to sell a British Pound when it goes down to 270. You would rather sell at the same price of 360 or at a higher price. I believe you are here to know how much a British Pound to Naira exchange rate in the black market today.
British Pound to Naira Parallel Foreign / Black Market Exchange Rate Today 7th July 2020 time:09:51
|Convert||into||Result – 7th July 2020|
|1 GBP||₦ NGN||1 US British Pound = 481 Nigerian Nairas|
|10 GBP||₦ NGN||10 US British Pound = 2,406 Nigerian Nairas|
|50 GBP||₦ NGN||50 US British Pound = 24,057 Nigerian Nairas|
|100 GBP||₦ NGN||100 US British Pound = 48,114 Nigerian Nairas|
Parallel Foreign /Black market Exchange Rate rate today is the same all over Nigeria such as Lagos, Cross River, Asaba, Benin, Abuja, Kano Lokoja Kwara Ilorin, Port Harcourt, Ogun, Ondo, Ibadan but local black market price may differ.
Lagos black market today
Inside Lagos black market exchange rate today as at 09:51, 07/07/2020 [price may vary depending on the amount of money being exchanged and bargain power]
|Sell||You get – 7th July 2020|
|1 GBP||479 Nigerian Nairas|
|1 GBP||483 Nigerian Nairas|
Nigeria States black market today
Outside Lagos Black market exchange rate today as at 09:51, 07/07/2020 [price may vary depending on the amount of money being exchanged]
|Sell||You get – 7th July 2020|
|1 GBP||477 Nigerian Nairas|
|1 GBP||485 Nigerian Nairas|
Use this currency converter to know how much the number of British Pounds/Naira you wish to exchange.
Quick fact about British Pounds
The British Pound is the currency of the United Kingdom used by several countries such as British Indian Ocean Territory, United Kingdom, United Kingdom, Guernsey, South Georgia & South Sandwich Islands, Isle of Man, Jersey, Tristan da Cunha etc. The code of US British Pound is GBP. £ is the symbol of US British Pound while p is the symbol of a penny. The US British Pound is the fourth most traded currency, as well as the third most held reserve currency in the world. Common names for the British Pound include the Pound Sterling, Sterling, Quid, Cable, and Nicker. GBP is regulated by the Board of Governors of the Federal Reserve System.
- The British Pound is the oldest currency still in use today.
- The British Pound is one of the most commonly converted currencies.
- The US British Pound dates back to the year 760 but the first paper notes were introduced in 1694
- Only three different pound sterling banknotes circulate in the world: 5, 10 and 20 pounds. There are many more coins (8 different ones).
- All Sterling notes were handwritten until 1855 when the bank began to print whole notes
The Naira of Nigeria
The Naira was a major international exchange currency during the 1970s even attaining a rate of exchange of 2 Nairas to the US British Pound at the time of its first issue in 1973 in place of the Pound. Nowadays, after the serious monetary devaluation, 1 US British Pound is equivalent to 481 Naira.
The Naira is subdivided into 100 Kobos. Few of the latter are currently in circulation due to the devaluation of the Nigerian currency. The only coins in current circulation are of 50 Kobos, and 1 et 2 Nairas.
The 1 Naira banknote carries the image of a mask on its reverse side. The sculpting of masks is a major art form in Africa. The shapes, sizes and materials are many and varied. When they represent animals, they are supposed to bring their characteristic qualities to the bearer. When they are in the form of human faces, they tend to be those of sorcerers, who mediate between the divine and human dimensions. Nigerian traditions and customs are also presented on the 5 Naira bill with the ritual dances of the Nkpokiti troupe.
Quick fact about Naira
The Nigerian Naira is the currency of Nigeria. The code of Nigerian Naira is NGN. ₦ is the symbol of Nigerian Naira. The Nigerian Naira is divided in 100 kobos. NGN is regulated by the Central Bank of Nigeria.
Did you know:
- The most popular conversions of Nigerian Naira are NGN/US British Pound NGN/Ghanaian cedi NGN/British pound NGN/South African Rand
- The Nigerian Naira was introduced on 1 Jan 1973 (46 years ago).
- There are 3 coins for the Nigerian Naira (₦0.5, ₦1 and ₦2 ),
- the Nigerian Naira has 9 banknotes ( ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500 and ₦1000 )
About the black Market exchange rate
A black market exchange often called parallel system is one in which transactions take place at more than one exchange rate and at least one of the prevailing rates is a freely floating, market-determined.
Black market exchange rate systems may be legal or illegal. When the parallel market for foreign exchange is legal, it is often referred to as a dual exchange rate (DER) system. In these cases, most current account transactions take place at a pegged commercial rate, and capital account transactions at a market-determined financial rate.
Illegal parallel market systems emerge when private agents attempt to evade restrictions on the price or quantity of foreign exchange transactions. Illegal parallel markets are the norm in most of Africa especially Nigeria, which has never successfully unified its exchange rate.
Black market exchange is a platform where currencies are brought and sold. These markets are guided by a central authority but there is always an agreement between the seller and buyer. This agreement is usually based on the volume of money been sold or bought. In essence, the black market is a free market, regulated only by supply and demand.
Local black market operation
The physical black market is not a place you rush in and rush out. You must be careful. You should go there with someone familiar with how they operate. Make sure you visit a bureau de exchange who has an office. Ensure you have written down the serial number of your British Pound notes (if it’s just a few notes). To avoid hearing… ”This is fake” I have heard complaints from people who took original British Pound note and ended been fake after it was checked by the exchangers.
In Nigeria, the Hausas had been the major players in black market currencies exchange. Even banks with FX issues usually advise customers to visit the bureau de exchange. How do they make money?
In the black market currency exchange, they buy from at a cheaper rate. For example, the British Pound is pegged at 481 Naira to 1 British Pound at the parallel market. At the black market, if you’re selling your 1 British Pound to get Naira today, the abokis would buy from you at a lower price and sell at a higher price. Moreover, in the black market currencies exchange, the British Pound denomination will determine how much the bureau de change will be willing to buy.
Why British Pounds is higher than Naira today
British Pounds is higher than Naira today because Nigeria operates one commodity-based economy, which is oil, a major source of her foreign currency. In the short-range, Nigeria is obsessed with easy money of oil trading and outrightly rejects the growing diversifications of her economy she initiated. A great nation like Nigeria has refused to grow her economy with all the natural and human capital at her disposal.
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