…By for TDPel Media. Today’s article delves into the current exchange rate between Pounds (GBP) and Naira (NGN) on both the black market and Aboki fx.
Nigerians often prefer the black-market rate due to its higher value compared to the bank rates.
We will explore the current rates and their impacts on the Nigerian economy.
Additionally, we will discuss the importance of finding the best exchange rates and how FCA-approved providers can offer more favorable rates.
Pounds to Naira Exchange Rates
As of July 27, 2023, individuals seeking to exchange Pounds to Naira have two main options: the black market and Aboki fx.
These unofficial markets offer rates that are usually higher than those offered by banks.
The current rates are as follows:
– Black Market Rate (Aboki fx):
– Selling Rate: 865 NGN
– Buying Rate: 855 NGN
– CBN Official Exchange Rate:
– Selling Rate: 1150 NGN
– Buying Rate: 1135 NGN
Impact on the Nigerian Economy
The Naira’s exchange rate against foreign currencies, particularly the Pound, holds significant importance for the Nigerian economy.
A weaker Naira can lead to inflation, negatively affecting citizens’ purchasing power.
In response, the Governor of the Central Bank of Nigeria, Godwin Emefiele, has called for concerted efforts to turn the economy around.
Differences Between Black Market and CBN Rates
The black market rate for Pounds to Naira, also known as the Aboki market rate, is generally higher than the CBN’s regulated rate.
The CBN rate is the official rate at which pounds can be bought or sold and is listed on the CBN website.
It is typically used for official transactions, including bank-related exchanges.
Importance of Finding the Best Exchange Rate
When exchanging currency, finding the best exchange rate becomes crucial to save on costs.
Banks and financial institutions often charge wider spreads when dealing with retail customers, resulting in higher transaction fees.
However, foreign exchange providers have recognized this issue and offer tighter spreads, potentially saving clients significant amounts of money.
FCA-Approved Providers for Favorable Exchange Rates
To ensure safety and protection for clients’ funds, Pound Sterling Live only collaborates with FCA-approved foreign exchange payment companies.
FCA regulations require such providers to keep clients’ money separate from their own in top-tier banks, ensuring the safety of funds in case of any financial pressure.
In conclusion, the current Pounds to Naira exchange rate on the black market and Aboki fx offers a higher value compared to the official CBN rate.
However, individuals should consider FCA-approved providers to obtain more favorable exchange rates and protect their funds.
Understanding and finding the best exchange rates can contribute to the overall economic stability of Nigeria.