The law of demand kicks in and leads to a situation whereby more money is needed to buy the pounds, leading to the fall in value of the naira. The naira received slight boost few days ago though. You will agree that this is a real huge gap. If the naira is to rise to the desired rate, then the government has got to sit tight and be more serious about bringing the desired change Nigerians hope for. This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. Imagine if the money had been invested into Nigeria economy how the economy would have been boosted. The governments should start changing their unhelpful policies. Policies that place limitation on home-made products should be reviewed and the market should be comfortable for all. As the demand for foreign currency increases, the value of the naira depreciates. Click the image below to view all Jumia Black Friday Items and Offers, © 2020 - ItsTechPrice - Your Tech Price And Specs Site, Infinix Note 4 (X572) Specs and Price (Konga & Jumia) In Nigeria, Tecno Spark (K7) Specification, Review and Price, dollar to naira black market exchange rate, canadian dollars to naira black market exchange rate, Slot Nigeria Phones and Price List | Latest Prices Of Phones in 2020, Fero Pad 7 Specs and price In Nigeria [Jumia & Konga]. The crave for imported goods means Nigerians have to demand more for foreign currencies, like the pound starlings. Reversed currencies - Convert 200 NGN to GBP, GBP vs NGN (British Pound to Nigerian Naira) exchange rate history chart. This is why we have tried as much as possible to give the latest black market exchange rate of dollar to naira, so you should do well and bookmark this page in your browser so that you will be able to access this page with just a click and get the latest exchange because of fluctuations in exchange rates. This led to the increase in production and the law of demand and supply also kicked in, leading to fall in value of crude oil. We will also consider certain solutions to the problem. Jumia Black Friday is Here. The government should be at the fore-front of promoting made in Nigeria product, but they are at the forefront of importation. In this write-up, we will look at some of the factors that must have been responsible for the fall being experienced by the naira and why the federal government seems helpless in the situation. Increase in number of those buying Nigerian made goods will surely boost the naira, since there will be more demand for the naira than ever before. Rather, they are sent to banks abroad. Superb Idea. This situation led to scarcity of foreign exchange in Nigeria. Pound to Naira exchange rate has been increasing just like the rate of dollar to naira, euro to naira and other foreign currencies. It looked like it was back on its path to recovery. The national assembly imported vehicles the other day amounting to approximately 29,000 pounds. Your own warm and helpful information means so much a person like me and even further to my office workers. For more information on the exchange rate of Nigeria with other foreign, also check out dollar to naira black market exchange rate if you want to see the latest exchange rate of dollar with naira or bitcoin to naira exchange rate for the exchange rate of naira with bitcoin. This service is created to help people convert their currencies and track the dynamics of currency changes. Nigerians will not look for foreign exchange again to import foods and we can even generate foreign currency to help add to the country’s GDP. - 200 GBP to NGN (200 British Pound to Nigerian Naira) is 99,476.47 NGN with exchange rate 497.3823 for today. Any import-dependent economy is sure to suffer the same fate the naira is suffering today. It is imperative that Nigerians begins to change their orientation in order to boost the naira, just like the government too needs to change its orientation if things must get better. Keep sharing and have a great time blogging. There are schools in Nigeria where foreign currency is used in paying school fees. The unfortunate thing is that the naira will continue to suffer if we fail to change our attitudes towards Nigeria. This post highlight today’s Great Britain (GBP) pounds to naira exchange rate in black market including the exchange rate trends in the last few months. However, Nigerians can turn things around by being more responsible to Nigeria. The government too should provide assistance to Nigerians who are interested in going into agriculture. You can choose the period from 7 days up to 1 year. Another effort made by the federal government to stem the tide of fall in naira value was the forceful pegging of the exchange rate with refusal to devalue. The official rate is however lower than this; CBN rate for pound sterling is N385. The law of demand kicks in and leads to a situation whereby more money is needed to buy the pounds, leading to the fall in value of the naira. We should be able to produce enough food to even export and this is one of the ways to boost the naira. The question now remains if Nigerian government and Nigerian people are really ready to change. It is clear to all that there must be something more inherently wrong with the naira, hence its refusal to wake up from its slumber. If you don’t feel like visiting the site every day, currency converter widget or exchange rates widget can be installed on your website in a matter of minutes. The increasing rate of importation is having debilitating effect on the naira. Nigeria has more than 170 million people, which means we are big enough to grow our own foods. Abokifx is one of the best websites to consult when looking for information about exchange rates of foreign currencies to the naira. However, it is unfortunate that such ban didn’t help matters. Things look very bleak at the moment and there seems to be no solution in sight. Nigerians should stop the unreasonable search for foreign goods too and this will further help the naira to strengthen. - 200 GBP to NGN (200 British Pound to Nigerian Naira) is 506.99443 NGN with exchange rate 506.9944300000 for today. With such foreign exchange available in the economy, the naira is sure to receive the most desired boost and regain its place of pride among the comity of nations. British Pound to Nigerian Naira Conversion Last updated: 2020-09-28 18:38 UTC All figures are live mid-market rates, which are not available to consumers and are for informational purposes only. This is affecting the naira exceedingly. The current exchange of 1 pounds to Nigerian Naira as at the time of this post is. Notify me of follow-up comments by email. However, recent news filtering through had it that the naira is pummeling again against the major global currencies, like the pound sterling in recent days.

Manufacturing companies in Nigerians should source their raw materials from the large pool of raw materials in Nigeria instead of importing such from abroad. It is hoped this prediction will not come to pass. Crude oil sold for far above $100 a barrel as at 2014. The federal government had made several efforts to see a naira rebound, but all the efforts seem not to be paying off. These and many more are the factors militating against the naira and causing its perpetual fall in value. At the black market, Business Post gathered that the local currency closed at N465/$1 after losing N5 from the previous value of N460/$1. The government too should be sincere about monies recovered from public fund looters and they should make sure such monies are made available so that they can be re introduced into the Nigerian economy on time. Great Britain Pounds (GBP) To Naira Exchange Rate in Black Market (including Parallel market) – August, 2017. Pound to Naira Exchange Rate Today (Black Market), Cement Business in Nigeria: How to Get Started, Internet Business In Nigeria: Beginner’s Guide. There is Innoson Motors making cars in Nigeria, but the National Assembly, one of the arms of the government, decided to spend scarce foreign exchange on vehicle importation.