How Much Is A Pound To A Naira?
If you have to exchange money with another country, you might want to know how much is a pound to a naira. There are two types of exchange rates: Black market and Bank rates. It’s important to choose a time to change your currency so that you don’t lose money.
Converting British Pounds to Nigerian naira
The official currency of Guernsey, Jersey, South Georgia & South Sandwich Islands, and the Isle of Man is the British Pound. It is also the official currency of Nigeria. Therefore, the rate of the two currencies is equal. This page shows the current exchange rate between the British Pound and the Nigerian Naira.
Using a currency calculator to convert British Pounds to Nigerian niaira is a simple task. With the help of a calculator, you can convert one currency to another in seconds. This currency calculator is perfect for international stock markets.
Black market exchange rate
A black market exchange rate is a rate different from the official exchange rate set by a country’s government. It occurs when the official rate fails to reflect market conditions. Most black market exchange rates are historic, but some are current and reflect recent events. Some countries that use black market exchange rates include Venezuela and North Korea.
Black market exchange rates occur all over the country, but the largest transactions occur in coastal cities. They are typically located outside banks that engage in foreign exchange operations. Vendors may also be found in hotels, ambassadors’ residences, and duty-free shops. They also frequent “friendship shops” and other places where tourists spend money.
The black market exchange rate is determined by several factors, including the official real exchange rate, depreciation-adjusted interest rate differential, and the amount of exports and imports. Black market activity can be a serious threat to a country’s economy. It can reduce public revenues and deplete the central bank of foreign exchange.
The Nigerian naira has recently depreciated in value against the major currencies of the world, including the British pound sterling. As a result, the rate of exchange between the two currencies has fluctuated constantly in recent months. Nevertheless, it remains relatively low.
There are two official rates for the exchange of the two currencies. One is the official CBN rate while the other is the black market rate. The black market rate is higher than the bank rate. To get the official rate, check the CBN website. You can also visit a site that tracks the Pound to Naira rate every day.
Another reason for the currency depreciation is illegal cash evacuation. This is one of the factors that have led to the deterioration of the Naira against the pound in the parallel exchange market. To combat such illegal activities, the CBN must inject more liquidity into the retail fx market.