The black market pounds to naira exchange rate remains a crucial point of interest for Nigerians, especially as the exchange rate continues to fluctuate due to economic dynamics and forex availability.
On 21 February 2025, the naira is trading at ₦1,965 per pound (buying rate) and ₦2,005 per pound (selling rate) in the parallel market.
This rate, sourced from black market traders across major financial hubs like Lagos and Abuja, reflects supply and demand factors outside the official channels regulated by the Central Bank of Nigeria (CBN).
How Much is Pounds to Naira Today in Black Market?
As of today, 21 February 2025, the pound to naira exchange rate in the black market stands at:
- Buying Rate: ₦1,965
- Selling Rate: ₦2,005
These rates may vary slightly based on location, negotiation, and transaction volume. Many Nigerians rely on the parallel market due to forex restrictions imposed by official regulators.
CBN Exchange Rate vs. Black Market Rate
The CBN official exchange rate remains significantly lower than the parallel market rate, reflecting the persistent forex supply challenges. The disparity between both rates highlights the impact of rising demand for foreign currencies in Nigeria.
For real-time forex updates, Aboki Forex provides the latest rates, including black market and official exchange rates for major currencies.
Factors Influencing the Black Market Pounds to Naira Rate
Several key factors drive the parallel market exchange rate for pounds to naira:
- Forex Scarcity: The limited availability of pounds in official forex channels forces individuals and businesses to seek alternative sources.
- High Demand: Nigerians traveling abroad for business, education, or medical purposes contribute to increasing demand for the pound.
- Economic Policies: Government forex controls and monetary policies directly affect the pricing and availability of foreign exchange.
- Market Speculation: Traders often adjust exchange rates based on anticipated economic trends and policy changes.
Outlook for the Naira Against the Pound
The exchange rate is expected to remain volatile unless Nigeria improves forex supply, boosts economic stability, and restores investor confidence. The government’s monetary interventions and CBN’s forex policies will play a significant role in shaping future exchange rates.
For the latest forex trends and economic insights, visit News About Nigeria.
