Current Pounds to Naira Exchange Rate in 2019

CBN Rate of 1 GBP (POUNDS) To NGN (NAIRA) Today-The CBN do publish a daily exchange rate for the public to know to avoid being charged wrongly or making the wrong calculation when making payment at the bank.

Best Exchange Rate: 516.28 on 16/04/2018

Worst Exchange Rate: 238.71 on 19/07/2018

Mid Exchange Rate: 477.61 on 22/06/2018

Today’s Live Rate: 1 GBP = 471.5800 NGN

Best Retail Rate: 1 GBP = 468.2789 NGN

Indicative Bank Rate: 1 GBP = 453.0941 NGN

Brief History of the Nigerian Naira

The Nigerian naira was introduced way back since on the 1^st of January 1973, which took over from the initial pounds to naira rate of 2 naira = 1 pound. For this reason, Nigeria became the very last country to relinquish £sd currency system in favour of the decimal currency system. The currency sign is U+20A6 ₦ NAIRA SIGN. As many people, including Nigerians may not know how the name Naira came about; naira is an extraction from the Nigeria, while the subdivision, kobo, is a local pronunciation of English “copper.”

Inflation has been occurring on a frequent basis since the introduction of the naira. With all attempts to reduce inflation and increase deflation by the Central Bank of Nigeria to the Nigerian currency, the efforts of the CBN has been proved abortive. Rather, the CBN increased key interest rate 6 times, rising from 6.25% to 12%. On 31 January 2012, the CBN decided to maintain the key interest rate at 12%, in order to reduce the impact of inflation due to reduction in fuel subsidies.

As at 20^th June 2016, Nigerian naira has been allowed to remain at a stable rate just for experimental purpose. But afterward, it was raised to remain at 197 to one US dollar for several months. Traders speculated the natural range of the naira would be between 280 and 350 to a dollar.

Who is the Sole Issuance of the Nigerian Naira?

This is one of the biggest questions which had been lingering in the minds of many Nigerians for years as this had been like a mystery to them.

The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Nigerian Federation. They are the only body that allows the circulation, regulation and control of the amount of money that flows in the country. This is so in order to ensure monetary and price stability. The Currency & Branch Operations Department of the CBN is in charge of currency management, through the procurement, distribution/supply, processing, reissue and disposal/disintegration of bank notes and coins.

Key facts about the British Pounds Sterling

CBN Rate of 1 GBP (POUNDS) To NGN (NAIRA) Today–Here is a compilation of few important and mind blowing facts about the British Pound Sterling

1. The currency gets its name from the Latin word “libra”, which makes reference to weight and balance.

2.The British pound sterling is the oldest existing currency in the world, it origins that can be traced back to old continental Europe.

3.Unknown to many persons who are either living outside the UK or have never been to the UK at any one time in their lives, the pound sterling being in use in the UK are existing in 1p, 2p, 5p, 10p, 20p, 50p, £1 and £2 coins and £5, £10, £20 and £50 notes. £1 notes are also issued and not just being used in Britain, they are also in use in Guernsey, Jersey, the Isle of Man, and in Scotland by the Royal Bank of Scotland. These areas are also privy to using the £100, in addition to this country is Northern Ireland.

4.In 1988, the £1 notes were taken out of circulation by the Bank of England which serves as its central bank. Some of the currency are produced as commemorative currencies. These currencies have been tagged commemorative because they were brought into circulation to celebrate occasions in the history of the country and activities that surround the royal house. They include the 25p and £5 coins.These have been produced, and can be accepted as payment in the country for goods and services. It is note worthy that no 25p coin has been produced again since 1981, when it was produced to commemorate the wedding of Prince Charles and Lady Diana.

HISTORY of the BRITISH POUNDS TO NAIRA EXCHANGE RATE

You should know that exchange rate fluctuates on a regular basis. What you get today could be totally different from you may get tomorrow. In order not to get yourself confused when converting manually from pounds to naira when making a purchase with foreign currency, get acquainted with the regular changes and be familiar with pounds to naira exchange rate official website.

Here is a history of the exchange rate of pounds to naira as at Saturday 25 August 2018 to Wednesday 20 February 2019;

Comparison between the Great Britain Pound and Nigerian Naira

As we know already, Pound is the official currency of the UK and some other countries which include Egypt, Lebanon, South Sudan, Sudan, Syria etc. it happens to be the strongest currency from the inception of the currency in the world. Between the years 1958 to 1973, the Great Britain Pound was the official currency used in Nigeria even before it was replaced by the now Nigeria naira.

Nigerians mostly buy with pounds simply because they tend to make some good profit when exchanged with naira especially when they shop on foreign sites with your Naira master card.

Pound Sterling is not the only powerful currency fluctuating against the Naira, the Dollar to naira and Euro to Naira too does. Above is Pound to Naira exchange rate both today some days back.

Little among numerous reasons the Naira value is on free fall are.

High importation rate because of too much dependence and love for foreign products.

High demand for dollar, which makes it scarce and in turn affects Naira.

One major source of revenue to the Nigeria economy. The fall in the global oil price affects Nigeria economy because it accounts for over 70% of our total revenue.

Conclusion

Above is the detailed information about the current pounds to naira exchange rate. Kindly note that the exchange rate may fluctuate at any given time. Check the official website of the pounds to naira exchange rate to be updated when the rate changes. Kindly drop your comment in the comment box if you have any question.