The British pound sterling continues to be one of the most popular currencies among Nigerians, especially for those who have been offered admission for undergraduate and post-graduate studies in the United Kingdom.
The country, which is also a destination for the political class in Nigeria for medical attention, including Nigeria’s President Muhammadu Buhari, is a host to hundreds of Nigerians.
As such the demand for pound sterling among travellers in Nigeria is a huge factor (demand and supply) that determines GBP/NGN exchange rate.
Here is the update at the market n Friday, May 6, 2022
GBP/NGN CBN Exchange Rate
GBP/NGN is NGN515.9544 (sell) and NGN514.7132, the same price a day earlier, creating NGN234.05 margin between the official rate and the parallel market.
For FX analysts, the margin isn’t palatable for Nigeria’s monetary system. Though, the demand for foreign services and goods is majorly responsible for the low value of naira against international currencies, accusing fingers had also been pointed at the management of the Central Bank of Nigeria for manipulating the FX.
On the streets of major locations in Nigeria, including Allen, Ikeja (Lagos), Challenge (Ibadan) and Abuja, the GBP/NGN rate varies.
The most popular ones in Lagos at the time of publication are NGN750 (Sell) and NGN740 (buy) while DOM rate that is sales of FX from one domiciliary account to the other is NGN755 (sell) and NGN745 (buy).
Note: The exchange rate on this page is subject to change at any time.