Pounds to Naira and Naira to Pounds: Current Official Bank Rate, Black Market (Parallel Market) Exchange Rate Today
How much is pound to naira rate? For nearly a month now there has been a pounding relationship in the forex of the Pounds to the Naira. The naira has been improving in value against the British pounds, and even exhibit more promise.
It has been a sounding music of gratitude to the CBN for their efforts so far, in the sense of how much investments it has been making into the market. The Central Bank seems not to have the slightest intentions to relent in their tactics, and the recent 1 pound to Naira conversion rates are as follows:
30/03/2017 N455 N465
29/03/2017 N455 N465
28/03/2017 N460 N470
27/03/2017 N480 N490
Exactly two weeks ago, the current pounds to Naira exchange rate were sold in the black market at N555 to 1 pound rate; compared to today’s parallel market rate, which is roughly 20% appreciation in favor of the Naira! This is a serious indicator of positive economic outturn, and everyone honestly lack the patience before they see the effects of these turn of events on the everyday life of members of the society.
Factors influences the Pounds to Naira Exchange Rate
Bank/Governmental Policies: The policies enunciated by the major financial bodies have its major contribution to the shape the exchange, as well as the economy assumes. This is evident in the current forex market, where the major players are the banks and the BDC operators.
For example, if you consider the recent strategies that the CBN have been using for a while now, you would observe its impact on the market; so far each day breaks with an improvement on the Naira’s value against the Pounds.
However, it has been stagnant today but the day is still virgin, we would have to wait till the last minute of today to attest to our formulated theories of the improving Pounds to Naira exchange rate.
Escalating Importation Rate: Every layman now knows the economics of how exchange rates of Naira to Pounds affects success of imports. The business man in Onitsha has complained at one point in time, about the unfriendliness of exchange rates towards his business. This is largely caused by excessive dependence on imported goods, that leads to the depreciation of the Naira’s worth.
Government has a role to play by developing the local manufacturing sector, and then formulating policies that puts high import duties on the products being imported in order to discourage too much importation.
Depreciating value of Oil: So far, we can infer that the value of the Naira is strongly tied to the value of oil in the international market. It is no news that the supply of oil has exceeded its demand and so is losing value; and despite that, nefarious activities in the country have made it difficult for the oil available to be sold in maximum quantities.
The Pounds to Naira Exchange Rate also has Some Major Effects on the Economy
With the current trend the exchange rates are making, faces are gradually lifting in smiles in Nigeria. Hopes are being rekindled in the hearts of travelers who have been inhibited because of the cost.
The layman on the streets now heave a heavy sigh of promise, and cannot wait to see the toll it would take in his everyday life; after all, when exchange rates were high, it affected everything that comes into the shores of country via importation even rice, now that it is coming down, rice must as well be affected.
Parents/Sponsors of Overseas Students: Now, academics overseas are leveling up once again. Parents had vehemently complained about the challenges they had been facing in recent times, because if they had been sending an “allawee” formerly that catered for the needs of their wards very well, with the upsurge that occurred, it would not even take care of their meals alone.
But with the current trend in the past week till date, they must be feeling more relaxed and less burdened because they can now afford so much for their wards with a little amount.
Investors are Drawn: Yes! With the current upward slope, the Naira to other currency is taking, investors must have begun to notice the richness in the country’s potentials.
Of course, the improvements in the exchange rate translate into an improvement in its economy. Just as Iran drew lots of investors when its economy boomed last year, economic experts are already seeing signs that foreign investors would soon come knocking the Nigerian door in no time.
Now, our hopes are even higher as the current administration of the Federal Republic of Nigerian is so bent on clamping down corrupt leaders, and putting policies forward to improve the economy. Definitely they would face dire challenges in executing their mandates, but with focus, we are sure to experience a tastier country in no distant future reducing the pounds to naira exchange rate dramatically.
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