The black market price of pounds to naira today February 14th 2025, is something everyone dealing with foreign currency should be familiar with. Aboki in Lagos, Abuja, Ibadan, Umuahia, Owerri etc change gbp to naira using the black market rate.
However, in Nigeria people still do more of physical exchange when it comes to foreign currency hence the need to know the black market price of ponds to naira today. Talking about black market price, we are considering people that does the exchange apart from bank officials.
In this article, we will talk about the current black market price to naira in Lagos today, a comprehensive list of where to sell your pounds in Lagos and Abuja, Aboki Pounds to Naira black market price today and so on.
Black Market Price of Pounds to Naira Today in Lagos
The current black market price of pounds to naira in Lagos is around ₦2070 to ₦2100 for every 1 pound, but I want you to have it at the back of your mind that black market rates can fluctuate constantly and may vary depending on the location and dealer so you can just keep searching for the best rate that suit you.
List of Where to Sell your Pounds in Lagos
If you’re looking for where to sell your pounds in Lagos at black market rate then you should consider visiting a reputable Aboki centers where pounds are traded at black market rate.
Here are some places you could check out:
- BDCs in Lagos: You can find licensed BDCs in various locations, such as Alade Market, Federal Palace Hotel, Eko Meridien, Airport Hotel, Ikeja
- Lyfid Exchange: With locations at 250 Ozumba Mbadiwe, Victoria Island, Lagos, and 20 Liberty Stadium Drive, Ibadan, Lyfid Exchange offers competitive rates.
- Kazeem Ummar: Located at Agabara market square, the hub of black market exchangers in Lagos.
- KSL: This user offers exchange services, buying pounds and selling naira, with a rate of £1 = ₦2,125
- Commercial Banks: Major commercial banks in Lagos, such as First Bank, Zenith Bank, GTBank, and Access Bank, offer foreign currency exchange services.
List of Where to Sell Your Pounds (GBP) in Abuja
Bureau De Change (BDC) Centers
These are the available black market hot spots in Abuja where you can sell your pounds in Abuja:
- Abuja BDC (Plot 113, Garki II, Abuja)
- Safeline BDC (Suite 301, Ojema House, Plot 1310, Karu Site, Abuja)
- Garki BDC (Plot 123, Garki II, Abuja)
- AMEX BDC (Plot 1234, Ahmadu Bello Way, Garki II, Abuja)
- First Index BDC (Plot 135, Adetokunbo Ademola Crescent, Wuse II, Abuja)
- Yusuf Dan Ummar: Located at 105 Fabdal Plaza, Wuse Zone 4, Abuja, Yusuf Dan Umma offers pounds exchange services at black market rate.
Foreign Exchange Offices
- Foreign Exchange Office, Nnamdi Azikiwe International Airport, Abuja
- Foreign Exchange Office, Abuja City Gate, Umaru Musa Yar’Adua Expressway, Abuja
Hotels
- You can exchange your pounds in hotels in Abuja like:
- Transcorp Hilton Abuja (Currency Exchange Services)
- Sheraton Abuja Hotel (Currency Exchange Services)
- Nicon Luxury Hotel (Currency Exchange Services)
Aboki Pounds to Naira black market Prices Today
I would like you to take note of the fact that the current Aboki pounds to naira black market price isn’t stable it has a specific range as stated earlier, but we can look at some recent exchange rates to get an idea. The average price of pounds to naira today February 14th 2025, is ₦1,800 at all black market aboki spots in Nigeria.
- £1 = ₦1,800
- £5 = ₦9,000
- £10 = ₦18,000
- £20 = ₦36,000
- £50 = ₦90,000
- £100 = ₦180,000
- £500 = ₦900,000
- £1,000 = ₦1,800,000
According to Aboki Forex, the black market rate for pounds to naira can fluctuate constantly.
For example, a user on NgnRates.com posted an exchange rate of £1 = ₦2,020 on January 3, 2025. Another user posted a rate of £1 = ₦2,035 on the same day. Do you see how the range flows?
Also, the black market rates are not regulated and can vary depending on the location and dealer. It’s also very important to exercise caution when dealing with black market currency exchange.
RECOMMENDED FOR YOU; Black Market Price of Dollar to Naira Today in Lagos, Abuja, Nigeria
Why Black Market isn’t a Good Place to Buy Pounds
These are some reasons why the black market isn’t a good place for you to buy pounds:
- There are unregulated transactions and this is because black market transactions are not regulated, making it difficult to ensure fair dealings.
- If something goes wrong, you have no recourse or protection.
- The risk of receiving counterfeit currency is higher in the black market.
- Unscrupulous dealers may engage in scams or fraudulent activities, resulting in financial losses.
- Black market exchange rates can fluctuate rapidly, making it difficult to predict the rate you’ll get.
- Black market operators often don’t disclose their fees, commissions, or exchange rates upfront.
- You may be charged hidden fees or commissions that eat into your exchange value.
- Black market operators often have no reputation to uphold, making it difficult to trust them.
Why Black Market Price is Always Higher than Official Rate
Well, let’s break it down.
First off, it’s all about supply and demand. When there’s a high demand for foreign currency, the black market price tends to skyrocket. And if there’s a shortage of foreign currency in the official market, people will turn to the black market, driving up prices even more.
Then there are the regulatory factors. Strict currency controls, like limits on foreign currency transactions, can push people to the black market. And because the black market isn’t regulated, prices can get out of control. Oh, and let’s not forget about taxes and fees on official foreign currency transactions – those can be a real hassle!
But it’s not just about regulations and economics. There are also risk factors at play. Black market operators often charge a risk premium to cover their backs, and there’s always the risk of dealing with shady characters. And let’s be real, the black market can be a pretty scary place!
So, what else drives up black market prices? Speculation, for one. Some people buy foreign currency on the black market, hoping to sell it later at a higher price. And then there’s hoarding – when people stockpile foreign currency, it reduces supply and drives up prices. It’s like a vicious cycle!
Lastly, there are some external factors that can influence black market prices. Corruption, lack of transparency, and even global economic trends can all play a role.
To sum it up, this article has provided the value you need when it comes to the black market pounds rate. I hope it was helpful.
Mathew
