How much is pounds to naira today in black market?

Question: How much is pounds to naira today in black market?

How much is pounds to naira today in black market?

If you are looking for the latest exchange rate of pounds to naira in the black market, you might be confused by the different sources and rates available online. The black market, also known as the parallel market, is where currency traders buy and sell foreign currencies at unofficial rates that are often different from the official rates set by the Central Bank of Nigeria (CBN).

According to NgnRates.com, a website that tracks the black market rates, the average selling rate of pounds to naira today (13/06/2023) is **₦950** per pound, while the average buying rate is **₦920** per pound. This means that if you want to buy pounds from a black market dealer, you will pay ₦950 for each pound, but if you want to sell pounds to a black market dealer, you will receive ₦920 for each pound.

However, these rates are not fixed and may vary depending on the location, demand and supply of the currencies. Some dealers may offer higher or lower rates than the average. For example, according to some user comments on NgnRates.com, some dealers in Abuja are buying pounds at **₦900** and selling at **₦955**.

The black market rates are also influenced by the official CBN rates, which are usually lower than the black market rates. According to the CBN website, the official exchange rate of pounds to naira today (13/06/2023) is **₦519** per pound. This means that if you want to buy or sell pounds at a bank or an authorized bureau de change (BDC), you will use this rate.

The difference between the black market rate and the official rate is called the spread or margin. The spread reflects the level of scarcity or availability of foreign currencies in the country. The higher the spread, the more difficult it is to access foreign currencies through official channels. The spread also affects the inflation rate and the purchasing power of naira.

Therefore, if you want to know how much pounds to naira is today in the black market, you should check multiple sources and compare their rates before making any transaction. You should also be aware of the risks involved in dealing with unregulated currency traders who may not be trustworthy or reliable.

Rjwala

Rjwala is your freely Ai Social Learning Platform. here our team solve your academic problems daily.