The pounds to naira exchange rate in the black market is a key concern for businesses, travelers, and forex traders in Nigeria. Due to the fluctuating nature of foreign exchange, staying updated with the latest rates is essential for making informed financial decisions.......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
As of today, 25th February 2025, the black market exchange rate for the pounds to naira stands as follows:
Pounds to Naira Black Market Exchange Rate Today
Buying Rate: ₦2,005 per £1
Selling Rate: ₦1,965 per £1
These rates are subject to change based on forex demand and supply in the parallel market.
How Much is Dollar to Naira Today in Black Market?
While many Nigerians monitor the pounds to naira exchange rate, others are also keen on the dollar to naira rate in the black market. The parallel market is often the go-to option for those unable to access forex through official channels.
To get the most accurate and real-time forex rates, visit Investors King and Aboki Forex for daily updates.
CBN Official Pounds to Naira Exchange Rate
The Central Bank of Nigeria (CBN) regulates the official exchange rate for the pounds to naira conversion. However, the black market rates are significantly higher due to forex restrictions and limited supply.
To check the latest CBN exchange rates and forex policies, visit the CBN website for up-to-date information.
Factors Affecting the Black Market Exchange Rate
Several factors influence the pounds to naira exchange rate in the parallel market:
Forex Demand and Supply: A shortage of pounds increases exchange rates.
Inflation and Naira Devaluation: A weaker naira leads to higher exchange rates.
CBN Forex Restrictions: Limited forex access through official channels affects black market demand.
Economic Speculation: Traders and investors hoard forex, anticipating further naira depreciation.
Foreign Reserves and Market Liquidity: A decline in Nigeria’s forex reserves impacts currency availability.
Conclusion
The pounds to naira exchange rate in the black market today, 25th February 2025, continues to fluctuate due to forex supply shortages and economic factors. Staying informed about forex trends is essential for individuals and businesses engaging in currency exchange.
For reliable and updated exchange rate information, Aboki Forex to make the best financial decisions.