NaijaQuest

Nigeria Top Information Portal that cut across Tech, Entertainment, Social Rating, News in Nigeria, Africa and the World

Pounds to Naira Exchange Rate In Black Market Today October 2017

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

For those interested in How Much is Pounds to Naira Exchange Rate Black Market / Parallel Market Today:

  • Naira to Pounds GBP Buy rate : 472
  • Naira to Pounds GBP Sell rate : 476

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 N476 for £1 pound. Though the Federal government had tried all it could and have been successful lately in increasing the strength of the naira, though its still not where it was before the current administration, 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, after the fx history per month

Black Market Pounds To Naira Exchange Rate History {Previous Month Ending}

  • August 31/2017 – 462 / 468
  • September 29/2017 – 480 / 486

Pounds to Naira Exchange Rate In Black Market Today

  • IMPORTATION IS ON THE HIGH SIDE

Nigeria as a country imports more than we export, this act is not favoring 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 export 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 Payoneer 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 its revenue and it is also no news that this oil had lost 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 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.

Still on Pounds To Naira Exchange Rate In Black Market Today

let’s take a look at some interesting facts about pounds

TOP 10 INTERESTING FACTS ABOUT POUNDS GBP

Many of us have heard about the currency, Now the question goes to us, what do we really know about it.

A pound is a unit of currency, in the English word which means or is referred to as a unit of mass or weight. Now, the pound we are talking about in this article is the currency which is used by different nations. There are lots of countries who are using the pound, or even something similar, we have countries like the Syria they use the Syria pound, Sudan, South Sudan, Egypt, United Kingdom and Lebanon.

pounds to naira exchange rate black market today 1 gbp to ngn naira

Pounds to Naira Exchange Rate In Black Market Today Nigeria

There are actually some interesting facts we feel you should know about the Pounds.

  1. The pound sterling is made up of several coins and notes. We have some which are of everyday use like the 1P, 2P, 5P, 10P, £1, £2, coins, £5, £10, £20 notes. The £1 notes were taken out of circulation by the bank of England in the year 1980. Since 1981, there have been no printing of the 25P coin this is done to commemorate the wedding of Prince Charles and Lady Diana.
  2. We have the £1 million naira and £100 million notes, surprising right, but these notes are in existence. They are known as the Giants and Titians. This note is being held by the Northern Irish banks and also the Scottish banks, this is done because they have to hold the note in Pound sterling as the notes that they issued in their own currency.
  3. The first monarch to appear on Bank of England bank notes was King George V who made a brief appearance on £1 and 10 shilling notes; this was issued during the first world war. Ever since the year 1960, Queen of Elizabeth II has appeared on all Bank of England.
  4. We have so many faces that have appeared on the notes, like the images of famous British people, Elizabeth Fey is on the 15-pound notes. Charles Darwin is on the back of the £10 note, Adam Smith is on the back of £20 notes.
  5. The Pound is not only being used in the United Kingdom, it is used in places like Independent Island of Jersey, Guernsey and the Isle of man which is surrounding the British Isle. The currency used as far as Antartica, Falkland Islands.
  6. Various banks in the United Kingdom are permitted to issue a bank note. The bank of England issues notes for use in England and Wales, the bank of Scotland and Clydesdale bank issues notes for Scotland. The notes in Northern Ireland are issued by Bank of Ireland, notes which are issued by Scottish and Northern Iris are not actually legal tenders, they cannot be accepted as a form of payment but it exists as a premiere to pay.
  7. In the year 1971, Decimalization came into effect. This was replacing the old style of money which included weird notes and coins. These notes and coins were being of the same equal value to 1 shilling and 2 shillings. In the year 1969, the 50P coins were introduced. The 50P coins was a replacement of 10 shillings notes. Even after decimalization, certain old coins continued to be legally acceptable for a while. All of these coins were taken out of circulation only because the sizes of the 5P and 10P coins were reduced. 20P coins were introduced in 1982, £1 coins in 1983, £2 coins in 1998.
  8. During the time of the second world war, the Nazi Germany produced counterfeit British sterling notes to devalue the currency and destabilize the British economy. By the end of 1945, 12% of the value of the notes in existence were forgeries. Britain immediately responded with the decision of taking notes of higher denominations out of circulation and addition metal threads through the notes that they produced. These metal threads are still present in the currency till date.
  9. Royal mints produced coins and they are marked with the date of the production. In the year 2009, there was a mistake as they allowed 20P coin into the circulation without dates, about 200,000 went into circulation, several turned up on online auction sites for sale at many times their actual monetary value.
  10. Shopkeepers are legally allowed to accept payment of items, if you try to give them too much of small change, they have the right to refuse to accept more than 20P in 1P and 2P coins, more than £5 in 5P and 10P coins and more than £10 in 20P and £50P coins.

Still on Pounds To Niara Black Market Exchange Rate Today { 1 GBP to Naira / 1 GBP to Ngn}

The pound is actually a unique currency which is used as a means of exchange. This article has shown you lots of facts about the POUNDS. A country currency is mostly different from each other, other countries still use this but they all know their limit.

Illegal production of the Pound is not around, that is why it is not possible to get the money around everywhere, only in the time of war, a fake pound was able to spread around in circulation. Now that you know a lot of facts about the POUND, what is your take on this?

That’s it on ” Pounds to Naira Exchange Rate In Black Market Today October 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

Related:

tags: pounds to naira blackmarket , exchange rate naira to pounds, Nigerian currency, exchange rate of pounds to naira black market , how much is pounds to naira exchange rate today, GBP to naira ,  convert £ 1 GBP to naira , NGN to GBP , how much is 1 pound to naira exchange rate today , pounds exchange rate to naira , exchange rate pounds to naira today GBP Delta Ekiti Abuja Ibadan Lagos Abeokuta Ogun IMO Kano Kaduna Ekiti Ondo Borno Niger Calabar Enugu Edo State Osun Oyo Cross Rivers Bayelsa Osogbo Jos Benin

Summary
Review Date
Reviewed Item
Pounds To Naira Exchange Rate In Black Market Today
Author Rating
51star1star1star1star1star
Updated: October 20, 2017 — 11:51 pm

13 Comments

Add a Comment
  1. anyim maduka emmanuel

    please notify me on current news on banks,currency,sport,technology direct to my mail{[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.

  9. This website was… how do you say it? Relevant!! Finally I’ve found something that helped me. Appreciate it!

Leave a Reply

Your email address will not be published. Required fields are marked *

NaijaQuest © 2017 Shrf Interactive
error: Content is protected !!