The black market exchange rate between the Pound Sterling (GBP) and the Nigerian naira (NGN) continues to face volatility as the divergence between the official and parallel market rates persists.
According to the latest update, the black market rate for a 100 Pound Sterling to naira exchange today, 8th February 2024 is:
How much is 100-pound sterling to naira today in the black market?
- Buying rate: ₦185,000
- Selling rate: ₦188,000
This means that if you want to buy 100-pound Sterling on the black market today, you will need to pay 188,000 naira. On the other hand, exchanging 100 Pound Sterling in the parallel market currently fetches you 185,000 naira.
NB: These rates may vary slightly depending on the location and the dealer.
The rates at the black market are determined by traders based on prevailing demand and supply as well as other economic and political factors impacting the foreign exchange market.
Meanwhile, the official exchange rate set by the Central Bank of Nigeria (CBN) pegs the 100 Pounds Sterling to naira exchange at ₦88,689. This official rate is what is applicable for CBN interventions and transactions.
