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Nigerians often prefer the black-market rate due to its higher value compared to the bank rates.
Pounds to Naira Exchange Rates– Selling Rate: 865 NGN
– Buying Rate: 855 NGN– Selling Rate: 1150 NGN
– Buying Rate: 1135 NGN
Impact on the Nigerian Economy
It is typically used for official transactions, including bank-related exchanges.
FCA regulations require such providers to keep clients’ money separate from their own in top-tier banks, ensuring the safety of funds in case of any financial pressure.
