The exchange rate for the British Pound to the Nigerian Naira on the black market according to information obtained from Bureau De Change operators in Lagos, reveals that as of today customers buy a GBP for N942.
Black market according to Investopedia.com is an economic activity that takes place outside government-sanctioned channels. It is an illegal market where transactions usually occur “under the table” to let participants avoid government price controls or taxes.
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The goods and services offered in a black market can be illegal, meaning their purchase and sale are prohibited by law, or they can be legal but transacted to avoid taxes. Illegal markets are also known as illegal markets, shadow markets, or underground markets.
So if you want to buy a Pound today, you will get it at a black market rate of N942, similarly, if you also want to exchange a Pound today, you can exchange it at the black market rate of N930
The British Pound to Nigerian Naira currency pair remain the 3rd most traded currency in the FX market after the Dollar and euros
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GBP to Naira Black Market Rate Today
Dollar to Naira (GBP to NGN) |
Black Market Exchange Rate Today |
| Selling Rate | 942 |
| Buying Rate | 930 |
Pounds to Naira (GBP to NGN) |
CBN Official Exchange Rate Today |
| Selling Rate | 519 |
| Buying Rate | 519 |
Meanwhile the Central Bank of Nigeria, CBN, official exchange rate as of today is N519 for buying and selling a British Pound
