Sele Media Africa Reported by Amos Dachung
Pound to Naira Black Market Exchange Rate Today
Abuja — The British pound sterling (GBP) continues to trade at a premium in Nigeria’s black market (parallel market), with the rate significantly higher than official figures. Below is an overview of the current situation and what it means for importers, travelers, and ordinary Nigerians. Current Rates- On the black market, 1 GBP is exchanging for about ₦2,050 to ₦2,080. Meanwhile, at the official window (Central Bank of Nigeria or banks), the pound is valued lower around ₦1,890/£1. Persistent foreign exchange shortages have led many to rely on the parallel market where access to foreign currency is easier but more expensive. Demand from importers, travelers, students, and the need to settle overseas obligations creates pressure, pushing up the black market rate. Speculative trading also plays a role, with rate‐hunters buying and selling currency based on expectation rather than need. For Nigerians paying tuition, medical fees, or lodging overseas, this wide gap means costs are much higher than what official rates would suggest. Importers must budget more Naira for goods priced in pounds, pushing up retail prices and contributing to inflation. Many feel uncertain about when and how much the rates will change, complicating financial planning.
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