(£) GBP to NGN (₦) Today Price: the Pound to Naira Exchange Rate
- Simon Zaku
- Mar 20
- 3 min read
Updated: Mar 25
The GBP (£) to NGN (₦) Value Today (updated daily)
December 2024: Official rate: ₦1,954.26/GBP; Black-market rate: ₦2,189.98/GBP
20th March 2025: Official rate: ₦1,983.58/GBP; Black-market rate: ₦2,025.43/GBP
[3/23/2025]: Official rate: ₦2,002.44 Nigerian Naira Per GBP
(Today) 1 Pound sterling equals ₦1,967.03 Nigerian Naira Per GBP [03/25/2025]
Black-market rate: ₦2,014.44 Nigerian Naira Per GBP [03/23/2025]
Black-market rate (Today): ₦2,014.44 Nigerian Naira Per GBP [03/25/2025]
Table of Contents (Click to Navigate):
What is the £ - British Pound (GBP)?
The British Pound Sterling, commonly referred to as GBP or simply “pound,” (£) is the currency of the United Kingdom.
It is one of the world’s oldest and most stable currencies, widely used in international trade and investments.
The pound is often seen as a symbol of wealth and financial stability.
For Nigerians, the pound has a significant influence on trade, remittances, and even education, as many students pay school fees in GBP to institutions in the UK.
What is the ₦ - Nigerian Naira (NGN)?
The naira (₦) is the official currency of Nigeria. Introduced in 1973, it replaced the pound and became a symbol of Nigeria's economic independence.
While it has faced its fair share of devaluation over the years, the naira remains central to Nigeria’s identity.
To know more about the naira’s history, check out my post on Nigerian Naira:
Meaning and History Behind Nigeria’s Currency.
GBP (£) to NGN (₦) Year-by-Year Value Comparison (2010–2024)
1. 2010
1 GBP = ₦240
The naira was relatively stable, with a manageable gap between official and black-market rates.
2. 2015
1 GBP = ₦300 (official rate)
Due to the 2014 oil price crash, the naira began to lose value against the pound.
3. 2017
1 GBP = ₦460 (official rate)
Foreign exchange restrictions by the Central Bank of Nigeria led to a higher black-market rate (₦520).
4. 2020
1 GBP = ₦500 (official)
COVID-19 pandemic disruptions pushed the naira to record lows.
5. 2023
1 GBP = ₦1,000 (average)
Inflation and government policy challenges weakened the naira further.
6. 2024
1 GBP = ₦1,250 (official rate)
On the black market, the exchange rate is ₦1,500, reflecting Nigeria’s foreign exchange supply struggles.
The GBP (£) to NGN (₦) Value Today
December 2024: Official rate: ₦1,954.26/GBP; Black-market rate: ₦2,189.98/GBP
20th March 2025: Official rate: ₦1,983.58/GBP; Black-market rate: ₦2,025.43/GBP
[3/23/2025]: Official rate: ₦2,002.44 Nigerian Naira Per GBP
(Today) 1 Pound sterling equals ₦1,967.03 Nigerian Naira Per GBP [03/25/2025]
Black-market rate: ₦2,014.44 Nigerian Naira Per GBP [03/23/2025]
Black-market rate (Today): ₦2,014.44 Nigerian Naira Per GBP [03/25/2025]
This disparity highlights Nigeria’s foreign exchange crisis and the reliance on the black market for many transactions.
GBP (£) vs. NGN (₦): Why It Matters
1. Education: Many Nigerian students studying in the UK rely on the GBP to pay tuition and living expenses, making the exchange rate crucial.
2. Remittances: Nigerians in the UK send billions of pounds annually to support family and friends back home.
3. Trade: The UK remains a significant trading partner for Nigeria, particularly for imports like machinery and consumer goods.
Economic Implications (GBP £ to NGN ₦)
The widening gap between the official and black-market rates signals challenges in Nigeria’s monetary policies.
While the Central Bank of Nigeria (CBN) attempts to stabilize the naira, limited foreign reserves and high demand for foreign currencies exacerbate the problem.
What Drives GBP (£) to NGN (₦) Fluctuations?
Oil Prices: Nigeria’s heavy reliance on oil exports means the naira fluctuates with global oil prices.
CBN Policies: Forex restrictions and devaluation strategies directly impact the exchange rate.
Inflation: Nigeria’s inflation rate, which hit 24% in 2023, weakens the naira further.
Takeaway: Understanding the Pound to Naira Exchange Rate
The exchange rate between the pound and naira tells a story of economic challenges and global influence.
For Nigerians, understanding these rates is essential for making informed financial decisions, whether for education, business, or remittances.
Do you deal with GBP to NGN exchanges frequently?
Share your thoughts below or reach out to me for more insights!
Simon Taki Zaku,
Founder, CEO, IbiFoundry LLC
For Ibifoundry.com.ng/blog.
Contact me at:
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