Pound to Naira black market exchange rate today
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The naira has remained under sustained pressure against the British pound in the parallel market, where rates are consistently much higher than at the official window.
In recent updates from forex trackers such as NairaToday and NgnRates, the pound has traded at over ₦2,000/£1.
At the official window, the Central Bank of Nigeria (CBN) maintained the exchange rate at about ₦1,890/£1, a figure that remains far behind what is obtainable on the streets.
The United States dollar also traded strong in the parallel market at around ₦1,530/$1, while the euro exchanged at ₦1,650/€1.
Analysts say the wide gap between official and black market rates is fuelled by persistent forex shortages, rising demand from importers and travellers, and speculative activity by currency traders.
Traders in Lagos and Abuja told reporters that pound-to-naira rates can shift multiple times in a single day, with buyers advised to confirm from reliable platforms like AbokiFX, NairaToday, and NgnRates before closing transactions.
The pressure on the naira has direct effects on households and businesses. Importers face higher costs, students and travellers in the United Kingdom pay more for fees and upkeep, while local inflation worsens as the value of the currency continues to slide.
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