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Pounds To Naira Exchange Rate Today in Black Market October 2018

Here is the current Pounds to Naira exchange today in the black market also known as parallel or aboki rate; selling £1 = NGN 474.37, while buying rate is £1 = NGN 480. Meanwhile at the official interbank or CBN rate, the Pounds Sterling is exchanged for NGN 404.4.

The Nigerian currency started loosing value in the early 90’s but it depreciated more in 2017 creating a very wide margin between most foreign currencies such as Pounds Sterling, Euro and Dollars.

Pounds to naira exchange rate today

Pounds To Naira Exchange Rate History In The Black Market

  • August 31/2017 – 462 / 468
  • September 29/2017 – 480 / 486
  • October 31/2017 – 470 / 475
  • November 30/2017 – 475 / 480
  • December 31/2017 – 477 / 484
  • January 31/2018 – 502 / 507
  • February 2/2018 – 498 / 505
  • March 29/2018 – 500 / 508
  • April 30/2018 – 500 / 505
  • May 31/2018 – 490 / 495

Pounds To Naira Currency Converter

  • £1 = N471.37
  • £2 = N942.74
  • £5 = N2355
  • £10 = N4710
  • £20 = N9420
  • £50 = N23550
  • £100 = N47100
  • £150 = N70650
  • £200 = N94,200

The Nigerian Government is doing everything possible to tackle the economy problem and Stabilize Naira against Pounds and other foreign currencies by doing these things;

  • By banning and limiting some imported goods and approving made in Nigeria products. Case studies are rice importation, Cars, and other products.
  • By checkmating foreign transactions with hard currency
  • By trying to diversify the economy and export more products instead of importing
  • By fighting looters and all sorts of corruption
  • Etc.
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Reason Why Naira Is Devalued

IMPORTATION IS ON THE HIGH SIDE
Nigeria as a country imports more than we export, this act is not favoring the stability of the Naira. There is nothing we don’t import it might interest you to note that even some of the so-called “made in Nigeria” products aren’t actually made here but just assembled. In fact, we had gone to the extent of importing things like frozen chicken, pampas, and many other things we ought not to. Ironically, the only thing we export are primary goods which can’t stand the value of this imported goods and worse still, this export is way too small compared to the imported goods thereby making the value of the Nigerian currency fall.

THE GOVERNMENT AS A CULPRIT
Yeah… I just have to peg this as the second on the list. The Government is supposed to have the strengthening of the Nigerian currency as a priority but when the Federal Government choose to devalue it. You may think since no official announcement was made, it wasn’t devalued but a critical look at the way it was falling before they now left it to the market forces prove otherwise.

HIGH DEMAND FOR DOLLAR
Recently, I came across a Nigerian in a Nigerian online Forum asking which ATM machine can he use to cash out the fund in his Payoneer MasterCard in dollars stating he really don’t want to cash it in Naira. Such act works against the Nigerian currency. We now have schools and houses amongst other places where landlords now demand to be paid in Dollar instead of Naira. To strengthen the Nigerian currency, we must stop this.

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FALL IN GLOBAL OIL PRICE
it is no news that Nigeria depends largely on oil exports for its revenue and it is also no news that this oil had lost value in the world market in recent years due to various reasons beyond the nation’s control. This had led to a reduction in our revenue which had also affected the Naira. The only option is to diversify to grow the Naira.

LOOTING OF PUBLIC FUND
If you are In Nigeria now and following the ongoing trials, you just can’t help but open your mouth as to the large amount been looted by just a few individuals entrusted with the nation’s fund. Assuming this looted fund are invested here, it wouldn’t even affect the Naira that much but this money is hidden in far away land and invested. This high rate of looting had greatly affected the Naira.

About Naira

Naira is the official currency of the Federal Republic of Nigeria, the largest black nation located in West Africa. Nigeria has about 280 million people and majority are living below £1 per day. The Naira lost its value in a dramatic manner in the past 3 years but the Government is trying to restore it at a bearable state. The devaluation of Naira has caused hardship in the country as prices of goods and services is on the high coupled with the high rate of unemployment in Nigeria. The Central Bank of Nigeria is the sole issuer of legal tender money throughout the Nigerian Federation. The Naira is available in Notes and coins. There is One Naira coin, 5 Naira note, 10 Naira Note, 20 Naira Note, 50 Naira Note, One Hundred Naira Note, Two Hundred Naira Note, Five Hundred Naira Note and One Thousand Naira Note.

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About The Pounds Sterling

The Pounds Sterling is the official currency of the the United Kingdom, Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha. It’s subdivided into Pence (Penny in singular form).

Pounds is the fourth most traded currency in the exchange market after US Dollars, Euros and the Japanese Yen.

The Pounds is available in these denominations of £5, £10, £20, £50, £100, £200, £300, £500 and £1000.

Thanks for reading my post on Pounds to Naira exchange rate today so if you searched for “how much is pounds to naira?” I hope your question is answered here on this post.

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