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Pounds to Naira Black Market Exchange Rate Today May 2017

How Much is Pounds to Naira Black Market Exchange Rate Today May 2017 { Updated Daily }

Pounds to Naira Black Market / Parallel Market Today:

  • Naira to Pounds GBP Buy rate : 485
  • Naira to Pounds GBP Sell rate : 495

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 N495 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

  • IMPORTATION IS ON THE HIGH SIDE

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.

  • THE GOVERNMENT AS A CULPRIT

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.

  • HIGH DEMAND FOR DOLLAR

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.

  • FALL IN GLOBAL OIL PRICE

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.

  • LOOTING OF PUBLIC FUND

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 May 2017 “, share your thoughts and suggestions with us through the comment box and like us on facebook @ facebook.com/9jaquest or follow us on twitter @ twitter.com/NaijaQuest. Thanks

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Updated: May 26, 2017 — 4:39 pm

12 Comments

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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

  3. Hi pls wot is the exchange rate of naira to pounds. Thanks

    1. Hi Moi Oyin
      The current exchange rate of naira to pounds has been updated in the post above.

      The rate are updated daily. Thanks

  4. Could you give any contact number who nuys pound?

  5. Sorry i mean the contact number of anyone who buys pound in lagos

  6. Baba weldone, great site you’ve got here, I need lessons on seo o. Between this exchange rate, does it work for collecting money using a pounds atm card on our atm machines here too or the rate differs?

    1. Howdy Gbenga
      Its been awhile, Get across to me on whatsapp, check my whatsapp number on the contact page

  7. Baba,gudmorn and thanx for dis wonderful site of urs…please what’s d rate of a POUND to NAIRA toddy?

    1. Hello Chyk
      The current Pounds to Naira Exchange rate today is what you have in the post

  8. How much is Pounds to Naira today especially if you are exchanging from London sending to Nigeria.

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