Black Market Exchange Rate and Official Rate Divergence Continue for 100 Pounds Sterling to Naira Exchange Today

The black market exchange rate between the Pound Sterling and the Nigerian naira continues to face volatility with a persistent divergence from the official rates.

As per reports from the currency markets, the 100 pounds sterling to naira exchange in the black market today, 27th February 2024, stands at an impressive rate.

Currently, individuals seeking to purchase 100 Pounds Sterling in the black market would need to pay 205,000.00 naira, while those looking to sell 100 Pounds Sterling can fetch 198,000 naira in return.

The rates in the black market are determined by traders based on various factors including demand and supply dynamics, economic conditions, and political influences affecting the foreign exchange market.

On the flip side, the Central Bank of Nigeria (CBN) maintains its official exchange rate, pegging the 100 Pounds Sterling to naira rate at ₦88,689. This official rate is primarily utilized for CBN interventions and other official transactions.