Black market exchange rate of Pounds to Naira today in Nigeria

This page provides you with information on the current Nigeria Black market exchange rates of pound and naira every working day.

Here is the trading rate of pound sterling versus the Nigeria Naira in the Black Market today.

The pound to naira parallel market rates stated below are updated on this page every working day from 1PM (GMT).

Pound Sterling Exchange Rate to Nigeria Naira Exchange Rate in black market:

Date: (Gbp/Ngn) BUY / SELL
27/03/2017: 455/ 470
24/03/2017: 470/ 493
23/03/2017: 480/ 500
22/03/2017: 500/ 520
21/03/2017: 520/ 530
20/03/2017: 520/ 530
17/03/2017: 525/ 540
16/03/2017: 525/ 540
15/03/2017: 530/ 540
14/03/2017: 535/ 550
13/03/2017: 535/ 550
10/03/2017: 540/ 550
09/03/2017: 535/ 545
08/03/2017: 540/ 555
07/03/2017: 535/ 545
06/03/2017: 535/ 545
03/03/2017: 530/ 540
02/03/2017: 530/ 540
01/03/2017: 525/ 540

The Nigerian naira is the currency of Nigeria. In 1973, the naira was replaced by the pound at a rate of 2 naira = 1 pound.

Nigeria’s foreign reserve on Tuesday rose to a record high of $27.22 billion from $26.97 billion as at Friday last week, according to the data from the website of the Central Bank of Nigeria (CBN).

The foreign reserves had depleted to a record low of $23.9 billion as at as October 19, 2016 driven by the sharp drop in the price of crude oil.

Visit black market dollar naira exchange rates to get the latest and current exchange rates of the euro to naira in the Nigeria black market.

A financial expert, Samuel Nzekwe, has advised the Central Bank of Nigeria (CBN) to be transparent in the allocation of foreign exchange resources.

This is as a result of the fact that every Forex policy formulated by the CBN has its ripple effect on the pounds to naira exchange rate at the black market.

Nzekwe, who is a former President, Association of National Accountants of Nigeria (ANAN) gave the advice in an interview with the News Agency of Nigeria (NAN) on Wednesday March 15, 2017 in Ota, Ogun.

He said that the current efforts of the apex bank in providing more forex to banks had drastically brought down inflation rate.

The National Bureau of Statistics r.reported on Tuesday that the nation’s inflation rate dropped from 18.7 in January to 17.7 per cent in February.

“Supply of forex by the CBN has contributed immensely to the drop of inflation and this implicates that the economy is recovering,’’ he said.

This supply of forex by the CBN has also helped to boast the exchange rate of the pounds to naira in the Nigeria black market.

The accountant said that Nigeris had cost-push push inflation because prices of goods were due to the high cost of importing raw materials into the country.

He advised the CBN to maintain a single foreign exchange rate than operating multiple rates to sustain the tempos of economy recovery.

“The apex bank should not operate any preferred rate for anybody travelling out of the country for one purpose or the others,’’ he said.

Nzekwe said that the Federal Government should work harder to turn the nation to a producing country rather than consuming one.

“By producing, the nation would be self sufficient and earn foreign exchange from the non-oil sector that would indirectly bring down the inflation rate to single digit,’’ he said.

Meanwhile, Economic experts have said that the drop in inflation figure from 18.72 in January to 17.78 per cent in February was a signal that the country’s economy would overcome recession soon.

The experts said this on Wednesday March 15, 2017 in Abuja that the 0.94 per cent inflation decline was an indication that recession could end before the end of the second quarter of 2017.

The National Bureau of Statistics (NBS) February Consumer Price Index (CPI) indicated that inflation rate dropped to 17.78 per cent for the first time in 15 months.

Mr Lawrence Ode, a development economist while reacting to the decline, stated that the reduction signified the commencement of a drop in the rising cost of goods and services in the country.

Ode said that the current inflation figure would ultimately have a positive effect on the purchasing ability of Nigerians and was capable of growing the country’s Gross Domestic Product.

Mr Moses Odo, a Banker also stated that the current decline in inflation figure would impact positively on lending rate by deposit money banks and cause interest rates on loans and advances to reduce.

He said it would also stimulate the confidence of foreign investors to consolidate their investments in the country.

Odo attributed the drop in inflation rate to a major slump in the core inflation sub-index at the rate of 16 per cent on all items, except food, in the month under review.

Odo said it was very necessary for government to further inject additional funds to boost economic activities.

“This encouraging sign of returning price stability could boost investor sentiment as the nation tackles a fierce currency crisis and dollar shortages,” said Lukman Otunuga, an analyst at forex brokerage firm, FXTM.

“It must be kept in mind that Nigeria remains on a quest to achieving economic sustainability and such may become a reality if the current upside momentum holds,” Otunuga added.

Analysts at investment bank, FBN Quest forecast a much steeper inflation decline in March (16.6 percent), compared to February on base effects.

“The disappointment was the pick-up in food price inflation, to 18.5 percent y/y from 17.8 percent,” FBN Quest analysts said in a March 15 note to clients.

Thus, Declining inflation, rising external reserves on the back of higher oil volumes and better price, a surprise 20% appreciation of the naira, expanding agricultural output and an improving Purchasing Manager’s Index (PMI) are part factors raising hopes that the current month may signal an end to the country’s economic recession.

In particular, analysts pointing to core inflation rate slowing for the third consecutive month, are now comfortable in seeking a cut in the monetary policy rate when the MPC meets next week.

“There are signs we have reached the bottom and economic growth now beckons,” says Kyari Bukar, chairman of private sector think-tank, the Nigeria Economic Summit Group (NESG) which draws membership from virtually every sector of Africa’s largest economy.

“There has also been a lot of activity in the agricultural sector, and with the harvest period a month or two away, we will should see that rub off significantly on economic growth,” Bukar added by phone.

Agriculture has been the high-flier in an all-round bleak economy and rice farming is particularly enjoying a boom— a rare bright spot in a country enduring its worst economic crisis in a quarter of a century, thanks to funding interventions by the Central Bank, under the Anchor Borrowers Programme.

The sector grew o.56 percent points to 4.03 percent (year-on-year), in the fourth quarter of 2016 from 3.48 percent in the corresponding period of 2015. In contrast to the economy which contracted 1.5 percent in 2016, agriculture grew 4.1 percent.

Crude oil prices have also found their base level at higher than $50 dollars, thanks to OPEC’s output cut which took effect in January.

However, Charles Robertson, chief economist at investment bank, Renaissance Capital is cautious.

“With oil dropping like we saw in the last one week; we should have some doubts about how long CBN governor, Godwin Emefiele will inject funds into the parallel market,” Robertson said through his twitter handle on March 15.

The Federal Government’s peace talks in the Niger-Delta have also helped ease tensions in the oil-rich region, where oil production was sabotaged by militant attacks, while a 225 percent increase in the presidential amnesty programme to N65 billion in 2017 from N20 billion in 2016 is sure to appease the disgruntled militants.

Oil production has recovered to around 2 million barrels per day, according to state-owned oil company, Nigerian National Petroleum Corporation (NNPC), while government targets 2.5 million barrels daily by 2020, as stated in the Economic Recovery and Growth Plan.

If the oil market dynamics on the domestic and international front remain favourable, analysts at the Bismarck Rewane-led Financial Derivatives Company (FDC) say they expect the country’s external reserves to maintain its upward trend.

Gross external reserves rose to its highest level in a year to $30.04 billion, a reserve reserve accretion of US$6bn since end-October 2016.

“Higher external reserves will reduce speculative attacks on the currency and enable the CBN to efficiently meet forex demand through forward auctions,” FDC analysts said in a March 14 note to clients.

“This will also strengthen the currency at the parallel market,” they added. It is thus, not a coinincidence, that pounds to naira black market rate has been in an upward trend of huge appreciation.

Another source of positive sentiments is derived from the commencement of the Lagos-Ibadan Rail Project awarded to China Civil Engineering Construction Corporation (CCECC) at the cost of $1.5 billion (about N458 billion), which had stalled under the previous administration.

The completion target is December next year, according to Vice President Yemi Osinbajo, and when on stream, the speed rail would carry about one million passengers per annum, while freight traffic along the route is also expected to hit two million metric tonnes cargoes per annum.

On Thursday 16th of March, 2017 CBN sold more treasury bills than originally planned at an auction after it lured demand for one-year debt with yields above inflation.

The bank raised 253.8 billion naira at an auction on Wednesday, 40 billion naira more than it had offered to sell.

It offered the one-year bill at 18.55 percent to raise 166.3 billion naira, against a yield of 18.49 percent at its last auction and higher than February’s inflation rate of 17.78 percent.

The central bank has been selling bills with yields below inflation in recent months to curb borrowing costs as it aims to fund half of this year’s forecast budget deficit of 2.36 trillion naira ($7.50 bln) through the domestic debt market.

Yields on the six-month bill were unchanged from the last sale at 17.20 percent to fetch 48.5 billion naira, while a 39.0 billion naira bill due in three month was sold 13.60 percent against 13.65 percent previously.

Total demand stood at 216.38 billion naira against 312.44 billion naira at the last sale.

On Thursday, the debt office also issued more bonds than it originally planned at an auction after slowing inflation rate helped it offer debt at lower yields.

The central bank issues treasury bills twice a month to finance the government’s budget deficit and help lenders manage liquidity and curb inflation.

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