Pound to Naira Exchange Rate Today: Official and Black Market Rates – Saturday, August 19, 2023

In the ever-changing world of international currency exchange, keeping a close watch on exchange rates is crucial for individuals and businesses alike. As of today, Saturday, August 19, 2023, the exchange rate between the British Pound (GBP) and the Nigerian Naira (NGN) is of utmost interest. Both the official and black market exchange rates paint a vivid picture of the current state of currency conversion.

Official Exchange Rate: £1 Pound to Naira = ₦1180/£1

At the official exchange rate, £1 Pound is equivalent to ₦1180 Nigerian Naira. This rate, set by official financial institutions, serves as a reference point for various transactions involving international trade, investment, and remittances. It reflects the value assigned by the government and financial authorities to the Pound in relation to the Naira.

Black Market Exchange Rate (Lagos): Buying and Selling Rates

In Lagos, the economic hub of Nigeria, the black market is another avenue for currency exchange. As of today, the black market rate for £1 Pound varies between buying and selling.

  • Buying Rate for £1 Pound: ₦1160
  • Selling Rate for £1 Pound: ₦1180

The buying rate represents the amount you need to pay in Naira to acquire £1 Pound on the black market, while the selling rate denotes the Naira value you receive when exchanging £1 Pound back to Naira. This difference in rates accounts for the risk and expenses incurred by black market operators.

Bureau De Change (BDC) Rate: Unavailable in the Provided Information

Unfortunately, the specific Bureau De Change (BDC) rate is not mentioned in the provided information. Bureaux De Change are licensed entities that provide currency exchange services to the public. Their rates can differ from both the official and black market rates due to various factors, including operational costs and market demand.

Central Bank of Nigeria (CBN) Rate: ₦1180/£1

The Central Bank of Nigeria (CBN) is a significant player in shaping currency exchange rates. According to CBN data, the exchange rate between the Naira and the British Pound opened at ₦1180/£1 on Saturday, August 19, 2023. The CBN’s rate often serves as a benchmark for other rates in the market.

Fluctuations and Real-Time Information

It’s important to note that exchange rates are subject to fluctuations throughout the day. The rates provided are accurate as of the specified date and time but may change due to various economic and market factors. If you’re involved in currency exchange activities, especially those involving significant sums, it’s advisable to consult official sources or financial institutions for real-time and accurate exchange rates.

Frequently Asked Questions

  1. What is the official exchange rate for £1 Pound to Naira? The official exchange rate is ₦1180/£1.
  2. What are the black market rates for buying and selling £1 Pound in Lagos? The buying rate is ₦1160, and the selling rate is ₦1180.
  3. What is the significance of the Central Bank of Nigeria’s exchange rate? The CBN’s rate often serves as a benchmark for other rates and reflects the official stance of the central bank.
  4. Why do black market exchange rates differ for buying and selling? The difference accounts for the risk and operational expenses incurred by black market operators.
  5. Why are BDC rates not mentioned in the information provided? The absence of BDC rates could be due to the specific information available in the prompt, but BDC rates are often distinct from other rates due to operational costs.

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