Pounds To Naira Exchange Rate/Black Market Rate Today 26 January 2023

This is the news about the Pounds to Naira rate at the official and black market exchange rate Today January 26th, 2023.

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, Thursday, 26th January, 2023, for £1 pound to naira = ₦519/£1.

According to the data from the CBN, exchange rate between the naira and the British pounds opened at ₦519/£1 on Thursday January 26th, after it sold at ₦566.591 to a £1 on Wednesday, 25th January 2023.

Naija News reports that a pound is bought at the official market at ₦519 and sold for ₦519.

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 ₦916 and as high as ₦925 on Thursday, January 26th, 2023, according to sources at Bureau De Change (BDC).

CBN Increases Interest Rate To Control Inflation

The Central Bank of Nigeria (CBN) has increased the benchmark interest rate to 17.5 percent on Tuesday.

CBN’s policy-setting committee increased the monetary policy rate (MPR) from 16.5 percent to 17.5 percent at its first meeting of the year in Abuja earlier today.

Every other interest rate employed in an economy is based on the monetary policy rate (MPR), which serves as the foundational interest rate for the whole economy.

The CBN Governor, Godwin Emefiele, who announced the new interest rate while reading the communiqué from the meeting, said the committee decided to increase the interest rate to “aggressively” control inflation.

Naija News recalls that Nigeria’s inflation rate decreased marginally in December, going from 21.47 percent to 21.34 percent.

Emefiele stated that the committee thought that despite a little decrease in inflation in December, the economy still faces the prospect of high inflation, which would hurt the overall standard of living.