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This is the news about the Pounds to Naira rate at the official and black market exchange rate Today June 1st, 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, Wednesday, 1st June, 2022, for £1 pound to naira = ₦522.4248/£1.
According to the data from the CBN, exchange rate between the naira and the British pounds opened at ₦522.4248/£1 on Wednesday June 1st, after it sold at ₦524.8145 to a £1 on Tuesday, 31st May 2022.
Ibomdailymail reports that a pound is bought at the official market at ₦521.7956 and sold for ₦523.054.
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 ₦730 and as high as ₦780 on Wednesday, June 1st, 2022, according to sources at Bureau De Change (BDC).
Meanwhile the International Monetary Fund (IMF) on Monday warned the total expenditure on subsidy might hit a record N6 trillion mark by the end of the year with Nigeria’s fuel subsidy payout averaging N500 billion monthly.
According to IMF, the macro-fiscal stress test it conducted on the country showed that interest payments on debts in the country could amount to Nigeria using 100 per cent of its revenue to service debts by 2026 if not closely monitored.
The Representative of IMF in Nigeria, Ari Aisen revealed this while presenting the latest Sub-Saharan Africa Regional Economic Outlook, in Abuja.
He also revealed that Nigeria received a total of $6.8 billion facilities from the IMF following the outbreak of the COVID-19 pandemic in 2020.