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Pounds to Naira Exchange Rate Today Black Market and Official CBN December 2016

Pounds to Naira Exchange Rate Today Black Market and Official CBN December 2016.

Bookmark this page for daily update of Pounds to Naira Exchange rate today in black market and CBN official GBP £ (Great Britain Pounds) to NGN N (Nigerian Naira) bank rate. pounds to naira exchange rate today

We all know Nigerians are everywhere across the globe, but the percentage in the UK, US and Canada are much more than the rest of the world combined. This article is for Nigerians that are currently in the UK for Vacation, Education, Business, Importation etc to stay updated on the current exchange rate of the Pounds to Naira Today. It will be updated daily to reflect recent changes.

Pound is the official currency of the UK and some other countries which include Egypt, Lebanon, South Sudan, Sudan, Syria etc. It is one of the strongest (in value) and most traded currencies in world. Pounds was also once the official currency in Nigeria between 1958 to 1973 when it was replaced by the Naira.

Pounds to Naira Exchange Rate December 2016 (Official and Black Market).

Considering the current economic situation of Nigeria, it becomes extremely important to know the current official and black market exchange rate of Pounds to Naira before initiating any transactions online.

Most Nigerian bank buy at official rate, but sell at the black market rate. What this simply means is that most banks will calculate with official rate when you receive foreign currency to your savings account but charges you at the black market rate when you shop on foreign sites with your Naira master card.

Pound Sterling is not the only powerful currency fluctuating against the Naira, the Dollar and Euro too does. Below are Pounds to Naira rate Today in black market and official exchange rate of GB Pound to NG Naira.

Pounds to Naira Exchange Rate Today Black Market: Buying = 1 Pound to N575, Selling = 1 GPB to N585.

 

Official/CBN GBP to Naira Exchange Rate Today: Buying = 1 Pound to N384.1344, Selling = 1 Pound to N385.398.

Little among numerous reasons the Naira value is on free fall are:

  1. High importation rate because of too much dependence and love for foreign products.
  2. High demand for dollar, which makes it scarce and in turn affects Naira.
  3. One major source of revenue. The fall in the global oil price affects Nigeria economy because it accounts for over 70% of our total revenue.

Pound to Naira Exchange Rate History (1 GBP to Naira).

  • Between October 1 and 31, the naira strengthen against the pound from N406 – N383.
  • This is the trend within September 2016 N413 – N405.
  • Here is for August 2016 N420 – N409.
  • Between July 1 and 31, the naira fall from N314 to N420.
  • Here is for June 2016. N286 – N375.
  • May 2016 1 GBP to N290 – N288.

There you have it on pounds to naira exchange rate today official and black market December 2016. Kindly share this article using the social sharing buttons below.

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Updated: December 2, 2016 — 7:07 am

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