The black market exchange rate between the Pound Sterling and the Nigerian naira 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 pounds sterling to naira exchange today, 11th May 2024 is:
How much is 100 Pounds Sterling to naira today in the black market?
- Buying rate: ₦130,000.00
- Selling rate: ₦140,000.00
This means that if you want to buy 100 Pounds Sterling on the black market today, you will need to pay 140,000.00 naira. On the other hand, exchanging 100 Pounds Sterling in the parallel market currently fetches you 130,000 naira.
Pound to Naira Black Market/Aboki Rate Exchange Table Today
For better comprehension, the table below outlines the black market prices for common denominations:
| Amount in Pounds (£) | Buying Rate (₦) | Selling Rate (₦) |
|---|---|---|
| 1 British Pound (£1) to Naira | ₦1,300.00 | ₦1,400.00 |
| 5 British Pounds (£5) to Naira | ₦6,500.00 | ₦7,000.00 |
| 10 British Pounds (£10) to Naira | ₦13,000.00 | ₦14,000.00 |
| 20 British Pounds (£20) to Naira | ₦26,000.00 | ₦28,000.00 |
| 50 British Pounds (£50) to Naira | ₦65,000.00 | ₦70,000.00 |
| 100 British Pounds (£100) to Naira | ₦130,000.00 | ₦140,000.00 |
| 200 British Pounds (£200) to Naira | ₦260,000.00 | ₦280,000.00 |
| 300 British Pounds (£300) to Naira | ₦390,000.00 | ₦420,000.00 |
| 400 British Pounds (£400) to Naira | ₦520,000.00 | ₦560,000.00 |
| 500 British Pounds (£500) to Naira | ₦650,000.00 | ₦700,000.00 |
| 600 British Pounds (£600) to Naira | ₦780,000.00 | ₦840,000.00 |
| 800 British Pounds (£800) to Naira | ₦1,040,000.00 | ₦1,120,000.00 |
| 1000 British Pounds (£1000) to Naira | ₦1,300,000.00 | ₦1,400,000.00 |
| 5000 British Pounds (£5000) to Naira | ₦6,500,000.00 | ₦7,000,000.00 |
| 10000 British Pounds (£10000) to Naira | ₦13,000,000.00 | ₦14,000,000.00 |
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.
