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Dollar to Naira Exchange Rates

Pounds To Naira Exchange Rate/Black Market Rate Today 17 June 2022

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This is the news about the Pounds to Naira rate at the official and black market exchange rate Today June 17th, 2022.

Read Naija News update on the official pounds rates as well as Black Market rates, Bureau De Change (BDC) rates, and CBN rates.

Daily Pound to Naira, GBP to NGN, Black Market (Lagos) exchange rates, percentage changes, historical rate charts and currency converter.

How Much is Pounds To Naira Exchange Rate Today Official Rate?

The official rate today, Friday, 17th June, 2022, for £1 pound to naira = ₦504.5915/£1.

According to the data from the CBN, exchange rate between the naira and the British pounds opened at ₦504.5915/£1 on Friday June 17th, after it sold at 502.3936 to a £1 on Thursday, 16th June 2022.

Naija News reports that a pound is bought at the official market at ₦503.9841 and sold for ₦505.1989.

How much is exchange rate of Pounds to Naira in Black Market today?

The exchange rate for a pound to naira at Lagos Parallel Market (Black Market) – Pounds exchaged for as low as ₦740 and as high as ₦765 on Thursday, June 16th, 2022, according to sources at Bureau De Change (BDC).

Nigeria Loses $1.7bn Court Case Against JP Morgan

The Federal Government of Nigeria on Tuesday lost a $1.7 billion London court case against JP Morgan Chase & Co for the bank’s role in the transfer of millions of dollars to a former oil minister convicted for corruption.

JP Morgan was accused by the federal government of breaching its Quincecare duty.

According to the Nigeria government, the action of JP Morgan breaches the rules which obliges banks to disregard a customer’s instructions if following those instructions might actually facilitate fraud against that customer.

A London High Court judge on Tuesday ruled that no such breach took place.

Nigeria contended in a six-week trial that the US investment bank acted carelessly when it transferred $875 million in payments from government accounts to Dan Etete, a former Minister of Petroleum, who had been convicted of money laundering between 2011 and 2013.

The case looked into the scope of a bank’s duty of care to its customers and whether it should have stopped payments notwithstanding assurances from government officials.