For Nigerians who pay for services in British pound, the exchange rate isn’t favourable to them Wednesday, May 11, 2022, at the parallel market, inflow, and on the P2P platforms, especially hundreds of those who can’t access the forex on the trade monitoring system of the Central Bank of Nigeria (CBN).
So, how much is GBP in the FX market?
GBP/NGN CBN Rate
The official exchange rate on the CBN FX website showed that one British pound is NGN514.4233 (sell) and NGN511.9491 (buy), bringing back the memory of when the naira had the same value as the pound sterling in the 1970s.
While the apex bank boasted that the official rate is the legally acceptable rate, traders continue to patronise other markets, especially the black market where forex is easily accessible.
£/₦ Inflow rate
Also known as bank transfer, the rate is NGN755/GBP (sell) and NGN745/GBP (buy) at the time of publication Wednesday, May 11, 2022
But the inflow rate isn’t a popular one, it’s an emerging market for FX traders, especially freelancers in Nigeria and those making a living from online jobs and creativity.
When they get paid in Pounds or other foreign currencies in their domiciliary accounts, they sell directly to buyers who operate the same bank as them.
Black Market Rate
The black market provides jobs for thousands of Nigerians in the market, though popular in the North, the market has now got a strong footing in the southwest region and other parts of the country.
On Wednesday, 1 pound sterling is NGN750 (sell) and NGN737 (buy) at the black market. Some people call it aboki rate because of the peculiarity of FX trade among Northerners.
The peer-to-peer fx rate has become another platform where crypto trades are done using the pound sterling.
A check by InfomediaNG shows that GBP/NGN is 747.53 naira (sell) and 745.91 naira (buy). This rate is popular among users of the global crypto trading platform Binance. If Euro is your preference, don’t forget to check out our Euro/NGN exchange rate published May 11, 2022
Note: P2P exchange comes with lots of risks
- By pixabay