This is the news about the Pounds to Naira rate at the official and black market exchange rate Today May 18th 2022.
Read Naija News update on the official pounds rates as well as Black Market rates, Bureau De Change (BDC) rates, and CBN rates.
Daily Pound to Naira, GBP to NGN, Black Market (Lagos) exchange rates, percentage changes, historical rate charts and currency converter.
How Much is Pounds To Naira Exchange Rate Today Official Rate?
The official rate today, Wednesday, 18thMay, 2022, for £1 pound to naira = ₦518.4768/£1.
According to the data from the CBN, exchange rate between the naira and the British pounds opened at ₦518.4768/£1 on Wednesday May 18th, after it sold at ₦508.8889to a £1 on Tuesday, 17th May 2022.
Naija News reports that a pound is bought at the official market at ₦517.8524 and sold for ₦519.1012.
How much is exchange rate of Pounds to Naira in Black Market today?
The exchange rate for a pound to naira at Lagos Parallel Market (Black Market) – Pounds exchaged for as low as ₦700 and as high as ₦760 on Wednesday, May 18th 2022, according to sources at Bureau De Change (BDC).
Dollar To Naira: USD Hits N600 At Parallel Market, Key Factors Identified
The parallel market yesterday closed with dollar to naira exchange at N600, Naija News understands.
This is as Nigeria’s currency experienced further devaluation amid other crisis.
Some of the key factors identified to be affecting the Dollar to Naira exchange includes election preparation, loss of confidence, and demand/supply.
Stakeholders at the parallel market have expressed disappointment with little or no profit from exchanging dollar to Naira at a more cheaper price that N600.
Naija News understands that the rate at the Importers and Exporters Window on Monday was N415.75, widening the exchange rate spread to N184.25.
Addressing a press at Zone 4 in Abuja, which is the hub of the parallel market in the Federal Capital Territory, two Bureau de Change Operators, Mohammed Isa, and Abu Abdullahi, told journalists that the rate was N599/$ at 10am and 11.14am respectively.