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Pounds to Naira Black Market Exchange Rate Today October 2016

How Much is Pounds to Naira Black Market Exchange Rate Today October 2016 { Updated Daily }

Pounds to Naira Black Market / Parallel Market Today:

  • Naira to Pounds GBP Buy rate : 540
  • Naira to Pounds GBP Sell rate : 550

Since The unfortunate free fall of the Naira begin last year, it had been difficult for it to regain it strength against major currencies of the world. One of such currencies is the pound which is exchanged at N550 for £ 1 pound. Though the Federal government had tried all it could, the trend is on the increase even after stopping the official pegging of the exchange rate which was thought would bring about the strengthening of the Nigerian currency. What then are the causes of this “calamities” that had befall the Naira?

These are what would be discussed below.

pounds to naira black market exchange rate today


Nigeria as a country imports more than we export, this act is not favouring the stability of the Naira. There is nothing we don’t import it might interest you to note that even some of the so called “made in Nigeria” products aren’t actually made here but just assembled. In fact, we had gone to the extent of importing things like frozen chicken, pampas, and many other things we ought not to. Ironically, the only thing we export are primary goods which can’t stand the value of this imported goods and worse still, this exports is way too small compared to the imported goods thereby making the value of the Nigerian currency fall.


Yeah… I just have to peg this as the second on the list. The Government is supposed to have the strengthening of the Nigerian currency as a priority but when the Federal Government choose to devalue it. You may think since no official announcement was made, it wasn’t devalued but a critical look at the way it was falling before they now left it to the market forces prove otherwise.


Recently, I came across a Nigerian in a Nigerian online Forum asking which ATM machine can he use to cash out the fund in his Payoner MasterCard in dollars stating he really don’t want to cash it in Naira. Such act works against the Nigerian currency . We now have schools and houses amongst other places where landlords now demand to be paid in Dollar instead of Naira. To strengthen the Nigerian currency, we must stop this.


it is no news that Nigeria depends largely on oil exports for it revenue and it is also no news that this oil had lose value in the world market in recent years due to various reasons beyond the nation’s control. This had led to a reduction in our revenue which had also affected the Naira. The only option is to diversify to grow the Naira.


If you are In Nigeria now and following the ongoing trials, you just can’t help but to open your mouth as to the large amount been looted by just a few individual entrusted with the nation’s fund. Assuming this looted fund are invested here, it wouldn’t even affect the Naira that much but this money is hidden in far away land and invested. This high rate of looting had greatly affected the Naira.

Conclusively, I must say the Naira is at a stage where it may not be able to help itself unless we the citizens in conjunction with the Government put drastic measures in place to strengthen it and we have to do it since we have no other currency other than it.

That’s it on ” Pounds to Naira Black Market Exchange Rate Today October 2016 “, share your thoughts and suggestions with us through the comment box and like us on facebook @ or follow us on twitter @ Thanks


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  1. anyim maduka emmanuel

    please notify me on current news on banks,currency,sport,technology direct to my [email protected]}

  2. Pls update me on exchange rate on d black market daily

    1. Hello Juliet, the rate in the post is the current pounds exchange rate today. We update the rate daily with each changes

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