The Nigerian naira continues to face pressure against major currencies in the parallel (black) market. As of today, the British pound (GBP) is trading significantly higher in the black market compared to the official Central Bank of Nigeria (CBN) rates.

📊 Current Exchange Rates

• Black Market Rates:
  • Buying: ₦2,065 per £1
  • Selling: ₦2,085 per £1
  • Source: NairaToday
• Official CBN Rate: ₦2,006.28 per £1 (penovas.com)

📈 Factors Influencing the Exchange Rate

The disparity between the official and black market rates can be attributed to several factors:

• Forex Shortages: Limited supply of foreign currencies in the official market.
• High Demand: Increased demand from importers, travelers, and businesses.
• Speculative Activities: Traders anticipating further depreciation of the naira.
• Inflationary Pressures: Rising inflation affecting the purchasing power of the naira.

💡 Tips for Currency Exchange

• Compare Rates: Always compare rates from multiple sources before exchanging currency.
• Use Trusted Platforms: Consider using reputable platforms like NairaToday or AbokiFX for up-to-date rates.
• Avoid Black Market Transactions: Whenever possible, use official channels to ensure security and fair rates.

For real-time updates and more detailed information, you can visit platforms like NairaToday and AbokiFX.

Note: Exchange rates fluctuate regularly. Always verify the current rates before making any transactions.