Pound To Naira Exchange Rate Today

How Much Is Pound To Naira Exchange Rate Today?

Asides from the U.S. Dollar another powerful currency is the Great British Pound. The exchange rate of the Pound to the Naira is under focus and seeks to enlighten readers seeking to receive funds or make conversions.

Whatever your interests are regarding Pound-Naira exchange rates, you should find this article interesting.

01-03-2021

Official Pound to Naira Exchange Rate

One of the things that can’t be ignored when discussing the Pound to the Naira exchange rate is the official rate as well as the black market rate. Discussions on the black market rate will follow shortly, however, understanding the official Pound to the Naira exchange rate is equally important.

One British Pound also designated as the GPB, officially exchanges for around N532.68. That is, £1 equals N532.68. So, is this the true value or exchange rate on the street? You’ll have to read on to find out.

  • Further Details on Official Pound to Naira Exchange Rates

When comparing exchange rates between the Pound to Naira, you’ll have to look beyond the exchange rate figures given. In other words, the amount it sells is usually given as the exchange rate. However, you also need to know how much it costs to buy the Naira equivalent of £1.

Now, most people will erroneously think it’s simply a matter of conversion of the exchange rates but that isn’t so.

There’s also an official Central Bank of Nigeria (CBN) buying rate of the Naira to Pound. That is, the official Naira equivalent it will cost to buy a Pound.

The CBN’s official buying rate stands at N531.28 to the Pound. These exchange rate values aren’t uniform across the board. In other words, anyone seeking to make currency conversions at the local FX markets will find a different scenario that significantly varies with what’s obtainable at official circles.

  • Are there Fluctuations in Official Exchange Rates?

Official Pound to Naira exchange rates isn’t static. There are daily fluctuations that vary slightly from the figures given by the CBN. The causes for these are mostly market forces. Now, however, such variations are, they aren’t significant.

Pound to Naira Black Market Exchange Rates

Running alongside official Pound to Naira exchange rates is the black market exchange rate. This is what’s obtainable on the ground and outside of official circles.

The local FX markets are also known as bureau de change are largely affected by forces of demand and supply.

So, asides from the official rates provided by the CBN, the rate you exchange a Pound for a Naira will largely be determined by its availability as well as the demand. When making comparisons between official and black market exchange rates, the divergence is seen to be significant.

So, while the official Pound to the Naira exchange rate is around £1 to N532.68, you’ll find the Pound selling for £1 to N652 or N660. The range of N652 to N660 shows signs of fluctuations that are similar to those obtainable for official exchange rates.

The Pound to Naira exchange rate has been covered with basic information provided. This helps know beforehand what it’s going to be like when converting these two currencies.

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