The value of pounds to naira when you want to buy or sell can be seen below. Click the image below to view all Jumia Black Friday Items and Offers, © 2020 - ItsTechPrice - Your Tech Price And Specs Site, Infinix Note 4 (X572) Specs and Price (Konga & Jumia) In Nigeria, Tecno Spark (K7) Specification, Review and Price, dollar to naira black market exchange rate, canadian dollars to naira black market exchange rate, Slot Nigeria Phones and Price List | Latest Prices Of Phones in 2020, Fero Pad 7 Specs and price In Nigeria [Jumia & Konga]. The unfortunate thing is that the naira will continue to suffer if we fail to change our attitudes towards Nigeria. In fact, the naira fell much against the pound starlings during this period than ever before. The law of demand kicks in and leads to a situation whereby more money is needed to buy the pounds, leading to the fall in value of the naira. In this write-up, we will look at some of the factors that must have been responsible for the fall being experienced by the naira and why the federal government seems helpless in the situation. Founded in 2014. Rather, they are sent to banks abroad. The national assembly imported vehicles the other day amounting to approximately 29,000 pounds. This is your chance to Get up to 80% Discount On Every Order and item on Jumia. Government policies too have not been helpful in the least and they have been contributing negatively to the issue on ground. It looked like it was back on its path to recovery. You will agree that this is a real huge gap. However, recent news filtering through had it that the naira is pummeling again against the major global currencies, like the pound sterling in recent days. These and many more are the factors militating against the naira and causing its perpetual fall in value. Many Nigerians believe more in foreign exchange than the local currency. Lots of money had been stolen by government officials and politicians at all levels of government, be it federal, state or local government. Warm regards; from everyone of us. To make matters worse, the money stolen most of the time is in foreign currency. The question now remains if Nigerian government and Nigerian people are really ready to change. At a point in time, the federal government banned importation of certain items with the hope that this will reduce the demand for foreign currencies like pound sterling. Bank notes, on the other hand, are availed in 8 different denominations: 1000 Naira, 500 Naira, 200 Naira, 100 Naira, 50 Naira, 20 Naira, 10 Naira and lastly, 5 Naira. There are made in Nigeria cars around, but Nigerians prefer to import cars. Nigeria has more than 170 million people, which means we are big enough to grow our own foods. Don’t stop, there is a currency converter sidebar to your right so you can make more conversions. How much is 200 British Pound in Nigerian Naira? If you don’t feel like visiting the site every day, currency converter widget or exchange rates widget can be installed on your website in a matter of minutes. Pound to Naira exchange rate has been increasing just like the rate of dollar to naira, euro to naira and other foreign currencies. Any import-dependent economy is sure to suffer the same fate the naira is suffering today. The naira received slight boost few days ago though. Currency rate updates every hour. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services OK The official rate is however lower than this; CBN rate for pound sterling is N385. May politicians and government workers are public fund looters. At the black market, Business Post gathered that the local currency closed at N465/$1 after losing N5 from the previous value of N460/$1. This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. This post highlight today’s Great Britain (GBP) pounds to naira exchange rate in black market including the exchange rate trends in the last few months. Save my name, email, and website in this browser for the next time I comment. Crude oil sold for far above $100 a barrel as at 2014. It is clear to all that there must be something more inherently wrong with the naira, hence its refusal to wake up from its slumber. This method too never worked as it never could stop the fall of the naira further against major global currencies. For more information on the exchange rate of Nigeria with other foreign, also check out dollar to naira black market exchange rate if you want to see the latest exchange rate of dollar with naira or bitcoin to naira exchange rate for the exchange rate of naira with bitcoin. For those that deals with Canadian dollars you can see our post on canadian dollars to naira black market exchange rate for more info. Pound to Naira exchange rate has been increasing just like the rate of dollar to naira, euro to naira and other foreign currencies. However, it is unfortunate that such ban didn’t help matters. The government should be at the fore-front of promoting made in Nigeria product, but they are at the forefront of importation. - 200 GBP to NGN (200 British Pound to Nigerian Naira) is 99,476.47 NGN with exchange rate 497.3823 for today. Great Britain Pounds (GBP) To Naira Exchange Rate in Black Market (including Parallel market) – August, 2017. Superb Idea. The foreign currencies do have more value and more security, since there is good chance it will increase in value, thereby making them richer. As a result, other countries benefit from the stolen money, while Nigeria, the owner of the money, continues to suffer. This is affecting the naira exceedingly. The government might not have made any announcement of devaluing the naira, but it is clear to all that can see that the naira is already unofficially devalued. Policies that place limitation on home-made products should be reviewed and the market should be comfortable for all. Instead of buying goods from foreign lands, like the UK, the US or China, Nigerians should start patronizing made in Nigeria products. I have to voice my appreciation for your kind-heartedness for individuals who should have assistance with this important question. This led to the increase in production and the law of demand and supply also kicked in, leading to fall in value of crude oil. As the demand for foreign currency increases, the value of the naira depreciates. This rise in demand for scarce foreign currency brings about a situation in which much amount of naira is searching for the scares pounds commodity. Jumia Black Friday is Here. This situation led to scarcity of foreign exchange in Nigeria. Disclaimer: This might not be the actual exchange rate of pounds to naira in your locality but the difference will not be that much. There are houses too where landlords prefer to be paid in foreign currency. With such foreign exchange available in the economy, the naira is sure to receive the most desired boost and regain its place of pride among the comity of nations. Just like the currency in any other country, the Naira has both coins and notes. This is why we have tried as much as possible to give the latest black market exchange rate of dollar to naira, so you should do well and bookmark this page in your browser so that you will be able to access this page with just a click and get the latest exchange because of fluctuations in exchange rates. Nigerians should stop the unreasonable search for foreign goods too and this will further help the naira to strengthen. There is Innoson Motors making cars in Nigeria, but the National Assembly, one of the arms of the government, decided to spend scarce foreign exchange on vehicle importation. Some have even predicted that it may fall so low to the extent that 1 pound starling will have same value as 1000 naira. It is imperative that Nigerians begins to change their orientation in order to boost the naira, just like the government too needs to change its orientation if things must get better. This service is created to help people convert their currencies and track the dynamics of currency changes. The crave for imported goods means Nigerians have to demand more for foreign currencies, like the pound starlings. Public fund looters should start having a rethink and stop their unbecoming ways of life. The naira may not be able to help itself at this stage and it depends so much on Nigerians to help it out. This post highlight today’s Great Britain (GBP) pounds to naira exchange rate in black market including the exchange rate trends in the last few months. Nigerians import virtually anything imaginable to the extent of importing toothpick; that is how bad it is. Fall in value of the crude oil equally led to the fall in the GDP, hence a reduced value of the naira, since more naira now chases less foreign exchange. Also Read: Dollar to Naira Exchange Rate Today. If the naira is to rise to the desired rate, then the government has got to sit tight and be more serious about bringing the desired change Nigerians hope for. The governments should start changing their unhelpful policies. Thats on the pounds to naira black market exchange rate, pounds to naira exchange parallel market . So much had been said about the problem and the possible solution. It is high time Nigerians go into full scale farming. It means there must be something the federal government is missing, hence its inability to steer the nation’s currency back to the path of the good old days. We should be able to produce enough food to even export and this is one of the ways to boost the naira. Abokifx is one of the best websites to consult when looking for information about exchange rates of foreign currencies to the naira. As at today, the pound sterling is bought at the rate of N550, while it is sold at the rate of N560 in the black market. Pound to Naira Exchange Rate Today (Black Market), Cement Business in Nigeria: How to Get Started, Internet Business In Nigeria: Beginner’s Guide. At a point, the value of crude oil fell to as low as $38 per barrel. Your own warm and helpful information means so much a person like me and even further to my office workers. Our money converter uses the average data from International Currency Rates. How much is 200 British Pound in Nigerian Naira? It is a Nigerian website and focuses on enlightening the visitors about the current exchange rates of foreign currencies. You can choose the period from 7 days up to 1 year.

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