200 pounds to naira black market

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Currency exchange rates widget for wordpress. There are schools in Nigeria where foreign currency is used in paying school fees. It means there must be something the federal government is missing, hence its inability to steer the nation’s currency back to the path of the good old days. This is your chance to Get up to 80% Discount On Every Order and item on Jumia. The naira may not be able to help itself at this stage and it depends so much on Nigerians to help it out. As at today, the pound sterling is bought at the rate of N550, while it is sold at the rate of N560 in the black market. 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. Just like the currency in any other country, the Naira has both coins and notes. 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. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services OK Superb Idea. Jumia Black Friday is Here. 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. Abokifx is one of the best websites to consult when looking for information about exchange rates of foreign currencies to the naira. Disclaimer: This might not be the actual exchange rate of pounds to naira in your locality but the difference will not be that much.

These and many more are the factors militating against the naira and causing its perpetual fall in value. It is high time Nigerians go into full scale farming. This rise in demand for scarce foreign currency brings about a situation in which much amount of naira is searching for the scares pounds commodity. 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. Don’t stop, there is a currency converter sidebar to your right so you can make more conversions. As the demand for foreign currency increases, the value of the naira depreciates. 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. To make matters worse, the money stolen most of the time is in foreign currency. The increasing rate of importation is having debilitating effect on the naira. The value of pounds to naira when you want to buy or sell can be seen below. Currency rate updates every hour. You will agree that this is a real huge gap. Also Read: Dollar to Naira Exchange Rate Today. The current exchange of 1 pounds to Nigerian Naira as at the time of this post is. You can choose the period from 7 days up to 1 year. Nigeria has more than 170 million people, which means we are big enough to grow our own foods. As a result, other countries benefit from the stolen money, while Nigeria, the owner of the money, continues to suffer. This method too never worked as it never could stop the fall of the naira further against major global currencies. 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. 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. The national assembly imported vehicles the other day amounting to approximately 29,000 pounds. 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. Any import-dependent economy is sure to suffer the same fate the naira is suffering today. 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. We respond to comments very quickly, if you have a question, drop in the comment section below. For your convenience Mconvert has online British Pound to Nigerian Naira (GBP vs NGN) history chart and a table of popular currency pairs with their latest exchange rates for 10/21/2020. After stealing such monies, they are not kept in circulation in Nigeria. The coins are divided into three denominations – I Naira, 2 Naira and 50 Kobo. Nigerians import virtually anything imaginable to the extent of importing toothpick; that is how bad it is. In addition, there are some contractors and other service providers that prefer to be paid in foreign currency. It is hoped this prediction will not come to pass.

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. 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 government too should provide assistance to Nigerians who are interested in going into agriculture. This is affecting the naira exceedingly. At a point, the value of crude oil fell to as low as $38 per barrel. Crude oil sold for far above $100 a barrel as at 2014. The government should be at the fore-front of promoting made in Nigeria product, but they are at the forefront of importation. May politicians and government workers are public fund looters. We should be able to produce enough food to even export and this is one of the ways to boost the naira. - 200 GBP to NGN (200 British Pound to Nigerian Naira) is 99,476.47 NGN with exchange rate 497.3823 for today. In fact, the naira fell much against the pound starlings during this period than ever before. How much is 200 British Pound in Nigerian Naira? 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. This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. The crave for imported goods means Nigerians have to demand more for foreign currencies, like the pound starlings. Public fund looters should start having a rethink and stop their unbecoming ways of life. This will surely lessen the burden on foreign currencies and will help the naira to recover quickly enough.

The unfortunate thing is that the naira will continue to suffer if we fail to change our attitudes towards Nigeria. However, it is unfortunate that such ban didn’t help matters. Many Nigerians believe more in foreign exchange than the local currency.

They see Nigeria’s resources as a National Cake that must be shared. So much had been said about the problem and the possible solution. Manufacturing companies in Nigerians should source their raw materials from the large pool of raw materials in Nigeria instead of importing such from abroad. As at today, the pound sterling is bought at the rate of N550, while it is sold at the rate of N560 in the black market. 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. Thats on the pounds to naira black market exchange rate, pounds to naira exchange parallel market . 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.

The government might not have made any announcement of devaluing the naira, but it is clear to all that can see that the naira is already unofficially devalued.

This situation led to scarcity of foreign exchange in Nigeria.

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