Pounds to Naira Black Market, Aboki fx, CBN, BDC, Bank Exchange Rate Today, Friday 22 Sep 2023
Pounds to Naira black market today Tuesday 14/12/2021. On this page, we will track and report the daily pounds to naira black market exchange rate. The pounds to naira abokifx has not been updated recently. As of the time of writing, the official pounds to naira CBN rate is 559.563. That means, 1000 pounds to Nigerian naira as per pounds to naira official rate is N559,563.
Pounds to Naira as at today
According to Google (Data by Morningstar, pounds to naira as at today is N565.19/£.
See Also: How much is Dollar to Naira Today
Pounds to naira aboki rate
Remember, the pounds to naira aboki rate will be different and possibly higher than the official CBN rate. pounds to naira aboki rate today is higher_than the official CBN rate. Remember, the Abokis are the Mallams who are into foreign change in many places in Lagos and in other states. dollar to naira
Abokifx pounds to naira rate
The Aboki constitutes the core players in the parallel market in Nigeria. PMNEWSNIGERIA On 16th September 2021, reported a record drop in Naira against the pounds and Euros. According to their report, Pound Sterling and the Euro closed at N774 and N660, respectively.
Pounds to Naira CBN Rate (pounds to naira official rate)
- Pound to Naira exchange rate is ₦ 561.71 in CBN, ₦ 632.00 in Stan Chart, ₦ 560.25 in FX Market, ₦ 510.06 in Moneygram, and ₦ 496.26 in Western Union
- Pound to Naira rate recently moves upwards 0.01% in CBN
- Pound to Naira rate recently moves downwards 0.01% in FX Market, 0.58% in Moneygram, 0.01% in Western Union
- Pound to Naira exchange rate has the lowest value of ₦ 496.26 at Western Union as of 02/12/2020 among the rates listed in the summary table
- Pound to Naira exchange rate has the highest value of ₦ 632.00 at Stan Chart as of 13/10/2021 among the rates listed in the summary table
- Most recent Pound to Naira bank rate is ₦ 632.00 at Stan Chart as of 13/10/2021
How CBN regulates Exchange Rates of Pounds to Naira today
According to the Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, the only recognised foreign exchange market in Nigeria is the Importers and exporters (I&E) FX window. This means that the dollar to Naira rate is not fixed as before. pounds to naira black market today
What is the Importers and exporters (I&E) FX window Rate
You might want to ask, what is I&E window meaning? Well,_the I&E FX window is the market trading segment for investors, exporters and end-users that allows for FX trades to be made at exchange rates determined based on prevailing market circumstances.
Many banks in Nigeria buy and sell pounds using the I&E window rate. The benefit of the I&E Window rate is that it leaves a competitive market rate. As speculated, it also gives the opportunity to quote your own selling rate (willing buyer and willing seller).
What is the I&E fx window rate today? As we speak, the I&E window dollar to Naira rate is 562 per pound.
Official Pounds to Naira Rate Calculation
- 1 pound to naira ⇒.£1 X N562 = ₦562
- 4million pounds to naira ⇒.£4,000000 X ₦562 = ₦2,248,000,000
- 1000 pounds to naira ⇒ £1000 X ₦562 = ₦562,000
- 100 pounds to naira ⇒ £100 X ₦562 = ₦56,200
- 20 pounds to naira ⇒ £20 X ₦562 = ₦11,240
- 500 pounds to Nigerian naira ⇒ £500 X ₦562 = ₦281,000
- 200 pounds to naira is how much? ⇒ £200 X ₦562 = ₦112,400
- 300 pounds to naira is how much? ⇒ £300 X ₦562 = ₦168,600
- 600 pounds to naira is how much? ⇒ £600 X ₦562 = ₦337,200
- 3000 pounds to naira is how much? ⇒ £3000 X ₦562 = ₦1,686,000
- 15000 pounds to naira is how much ⇒ £1500 X ₦562 = ₦834,000
Pounds to Naira black market rate
Economicconfidential.com yesterday reports that the naira exchanged to the dollar at 580 on Friday, while the Pound Sterling traded for 780 at the parallel market.
Some Bureau de Change operators who spoke to Economicconfidential.com correspondent said that the naira to the dollar was bought and sold at 575 and 580, while the Pound Sterling was bought and sold at 775 and 780.
|Bank – Stan Chart||₦ 632.00||13/10/2021|
|FX Market||₦ 560.25||-0.01%||03/11/2021|
|Black Market||₦ –||–||–|
|Western Union||₦ 496.26||-0.01%||02/12/2020|
Source: NGRates.ng pounds to naira aboki rate
The exchange rate between Pounds and Naira in the black market is unstable. The key players (Abokis) sell pounds depending on how to buy it. They typically add some fraction per unit to make up a profit. The only way to know the current pounds to naira bank exchange rate today is to visit, or call the exchangers to confirm. The Federal government has vowed to clamp down on black market activity in Nigeria.
Pounds to Naira black market News Today
Check below to see the latest news and headlines concerning Pounds to Naira black market today from top newspapers in Nigeria.
Pounds extends gains after BoE sticks to policy outlook – REUTERS
SEPTEMBER 23, 2021
By Tommy Wilkes
(Updates throughout after BoE decision)
LONDON, Sept 23 (Reuters) – Pound Sterling extended its rise on Thursday after the Bank of England said two of its policymakers had voted for an early end to pandemic-era government bond buying.
The pound was last up 0.6% at $1.3708 after trading around $1.3686 before the BoE announcement.
Against the euro sterling also rallied further and was last at 85.52 pence, 0.4% stronger on the session.
The BoE, as expected, kept its main interest rate unchanged at 0.1% and stuck to its 895 billion pound ($1.22 trillion) asset purchase target. Economists polled by Reuters had expected no change to the BoE’s main policy settings after its September Monetary Policy Committee meeting.
Policymakers voted unanimously to leave rates unchanged but Dave Ramsden joined Michael Saunders in voting for an early end to the central bank’s programme of government bond purchases.
“The 7-2 vote is the beginning of a shift towards higher rates & boosts the chances that QE (quantitative easing) ends earlier than expected,” said Neil Jones, London-based head of FX Sales for Financial Institutions.
“The text comments are looking more hawkish in mind. We should continue to see further pound strength across the board & in increase in the chance of rate hike.”
Ahead of the BoE decision, the pound had already traded higher on easing concerns about the Evergrande debt crisis — panic that Chinese developer Evergrande would default on its debts this week sent investors into safer assets and currencies.
Ahead of Thursday’s BoE meeting and after higher-than-expected inflation numbers earlier this month, markets have brought forward expectations for a rate hike from the record 0.1% low.
Markets are now pricing in more than 15 bps of rate rises by May next year.
Reporting by Tommy Wilkes; Editing by Angus MacSwan and Elaine Hardcastle
Naira crashes further against dollar, pound hits N774 – PMNEWSNIGERIA
Published By: Michael Adesina
16th September, 2021
The Naira on Thursday dipped further at the parallel market in Lagos against the dollar.
It lost N6 from N562 traded on Wednesday to exchange at N568 to the dollar, while the Pound Sterling and the Euro closed at N774 and N660, respectively.
Trading at the official Investors and Exporters window saw the Naira closing at N410 to the dollar as of Wednesday, while the Pound Sterling and the Euro closed at N567.67 and N485.53, respectively.
Data from the CBN also showed the Naira exchanged at 0.739 Kobo to the CFA.
However, CBN is working hard to reduce inflation but experts believe a lot needs to be done in the management of the exchange rate.
The CBN had a few months ago stopped the sale of FOREX to the Bureau De Change sector of the market, citing regulatory infractions by some of the members of the currency traders.
However, the impact of the ban is far from strengthening the naira against the dollar.
Confusion as Dollar Sells at N557/$1, Pound at N760/£1, Euro N645/€1 – BUSINESSPOST
By: Adedapo Adesanya
The current situation of the Naira seems to be like the proverbial dog that is destined to be lost, which will never hear the hunter’s whistle.
This is because, despite efforts by the Central Bank of Nigeria (CBN) to salvage the situation, its value against the United States Dollar at the parallel market is worsening with each passing day.
At the unofficial window of the foreign exchange (FX) market on Tuesday, the local currency further depreciated by N7 against the greenback to sell at N557/$1 compared with the preceding day’s N550/$1.
The outcome of the domestic currency at the second trading session of the week left some forex end-users and observers in confusion, wondering if the exchange rate will not eventually hit N700/$1 before the end of the year.
In all of these, the CBN seems to be confused as to the right step to take to bring normalcy to the FX market, especially after banning the sale of forex to Bureaux De Change (BDC) operators nearly two months ago.
At the unregulated segment of the market yesterday, the Naira also depreciated against the Pound Sterling by N10 to N760/£1 from the previous rate of N750/£1, while against the Euro, it lost N9 to quote at N645/€1 in contrast to N636/€1 it quoted a day before, according to data sourced by Business Post from forex traders in Lagos.
Likewise, at the interbank segment of the market, which is controlled by the CBN, the Nigerian currency depreciated against the greenback by 4 kobo on Tuesday to N410.54/$1 from N410.51/$1.
However, at another CBN-regulated Investors and Exchange (I&E) window, the local currency appreciated during the session against the Dollar by 67 kobo or 0.16 per cent to settle at N412.08/$1 as against N412.75/$1 it was sold on Monday.
One of the reasons for this was the availability of FX to the market window, which was enough to soak the demand pressure from customers as data showed that the day’s turnover rose by 8.2 per cent or $13.28 million to $175.10 million from the preceding day’s $161.82 million.
Cryptocurrencies Continue Recovery
As for the digital currency market, normalcy returned on Tuesday, with Bitcoin (BTC) appreciating by 4.8 per cent to trade at N25,813,912.78, Ethereum (ETH) rising by 3.4 per cent to N1,863,927.00, and Ripple (XRP) gaining 0.1 per cent to trade at N600.50.
In addition, Litecoin (LTC) moved up by 2.6 per cent to trade at N114,755.72, Tron (TRX) rose by 2.9 per cent to sell at N65.28, Dash (DASH) improved by 4.3 per cent to N101,758.06, Binance Coin (BNB) appreciated by 1.9 per cent to N220,703.00, while Dogecoin (DOGE) rose by 0.1 per cent to trade at N131.08.
However, Cardano (ADA) lost 2.9 per cent to quote at N1,305.18, while the US Dollar Tether (USDT) depreciated by 0.5 per cent to sell for N557.01.
Disclaimer: THETALK.NG does not set or determine forex rates. The official CBN rates are obtained from CNB.gov.ng, NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates are obtained from various sources including online media outlets (sources well-cited). The rates you buy or sell forex may be different from what is captured in this article.