Current Pounds to Naira Exchange Rate in 2019

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

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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 1st 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 20th 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;

Wednesday 20 February 20191 GBP = 472.2501 NGN
Tuesday 19 February 20191 GBP = 472.0554 NGN
Monday 18 February 20191 GBP = 467.5232 NGN
Sunday 17 February 20191 GBP = 466.2501 NGN
Saturday 16 February 20191 GBP = 465.9706 NGN
Friday 15 February 20191 GBP = 466.0848 NGN
Thursday 14 February 20191 GBP = 462.5677 NGN
Wednesday 13 February 20191 GBP = 464.6362 NGN
Tuesday 12 February 20191 GBP = 466.2524 NGN
Monday 11 February 20191 GBP = 464.6718 NGN
Sunday 10 February 20191 GBP = 467.0255 NGN
Saturday 9 February 20191 GBP = 467.1158 NGN
Friday 8 February 20191 GBP = 467.1688 NGN
Thursday 7 February 20191 GBP = 467.5076 NGN
Wednesday 6 February 20191 GBP = 467.9347 NGN
Tuesday 5 February 20191 GBP = 468.3656 NGN
Monday 4 February 20191 GBP = 470.5741 NGN
Sunday 3 February 20191 GBP = 472.0985 NGN
Saturday 2 February 20191 GBP = 472.3585 NGN
Friday 1 February 20191 GBP = 472.3585 NGN
Thursday 31 January 20191 GBP = 475.6431 NGN
Wednesday 30 January 20191 GBP = 475.3662 NGN
Tuesday 29 January 20191 GBP = 473.3335 NGN
Monday 28 January 20191 GBP = 476.2559 NGN
Sunday 27 January 20191 GBP = 477.7634 NGN
Saturday 26 January 20191 GBP = 477.6429 NGN
Friday 25 January 20191 GBP = 477.3278 NGN
Thursday 24 January 20191 GBP = 475.0731 NGN
Wednesday 23 January 20191 GBP = 474.0465 NGN
Tuesday 22 January 20191 GBP = 470.1712 NGN
Monday 21 January 20191 GBP = 467.2151 NGN
Sunday 20 January 20191 GBP = 466.8906 NGN
Saturday 19 January 20191 GBP = 467.4341 NGN
Friday 18 January 20191 GBP = 467.4341 NGN
Thursday 17 January 20191 GBP = 470.7173 NGN
Wednesday 16 January 20191 GBP = 468.3622 NGN
Tuesday 15 January 20191 GBP = 468.577 NGN
Monday 14 January 20191 GBP = 468.4405 NGN
Sunday 13 January 20191 GBP = 468.5892 NGN
Saturday 12 January 20191 GBP = 468.7299 NGN
Friday 11 January 20191 GBP = 468.8443 NGN
Thursday 10 January 20191 GBP = 465.4077 NGN
Wednesday 9 January 20191 GBP = 467.5686 NGN
Tuesday 8 January 20191 GBP = 464.2657 NGN
Monday 7 January 20191 GBP = 466.05 NGN
Sunday 6 January 20191 GBP = 463.9218 NGN
Saturday 5 January 20191 GBP = 463.7405 NGN
Friday 4 January 20191 GBP = 463.3165 NGN
Thursday 3 January 20191 GBP = 459.7225 NGN
Wednesday 2 January 20191 GBP = 456.4466 NGN
Tuesday 1 January 20191 GBP = 462.9991 NGN
Monday 31 December 20181 GBP = 464.3904 NGN
Sunday 30 December 20181 GBP = 461.8533 NGN
Saturday 29 December 20181 GBP = 462.8777 NGN
Friday 28 December 20181 GBP = 462.2428 NGN
Thursday 27 December 20181 GBP = 460.9595 NGN
Wednesday 26 December 20181 GBP = 460.6027 NGN
Tuesday 25 December 20181 GBP = 461.5504 NGN
Monday 24 December 20181 GBP = 463.0238 NGN
Sunday 23 December 20181 GBP = 460.4327 NGN
Saturday 22 December 20181 GBP = 459.7701 NGN
Friday 21 December 20181 GBP = 459.8776 NGN
Thursday 20 December 20181 GBP = 460.7983 NGN
Wednesday 19 December 20181 GBP = 458.924 NGN
Tuesday 18 December 20181 GBP = 461.7997 NGN
Monday 17 December 20181 GBP = 459.1092 NGN
Sunday 16 December 20181 GBP = 456.844 NGN
Saturday 15 December 20181 GBP = 456.9803 NGN
Friday 14 December 20181 GBP = 456.9803 NGN
Thursday 13 December 20181 GBP = 460.806 NGN
Wednesday 12 December 20181 GBP = 459.848 NGN
Tuesday 11 December 20181 GBP = 454.6855 NGN
Monday 10 December 20181 GBP = 457.2043 NGN
Sunday 9 December 20181 GBP = 463.7717 NGN
Saturday 8 December 20181 GBP = 463.3726 NGN
Friday 7 December 20181 GBP = 463.3726 NGN
Thursday 6 December 20181 GBP = 465.1353 NGN
Wednesday 5 December 20181 GBP = 462.7985 NGN
Tuesday 4 December 20181 GBP = 462.6426 NGN
Monday 3 December 20181 GBP = 462.6685 NGN
Sunday 2 December 20181 GBP = 464.8037 NGN
Saturday 1 December 20181 GBP = 466.4052 NGN
Friday 30 November 20181 GBP = 464.2828 NGN
Thursday 29 November 20181 GBP = 465.2269 NGN
Wednesday 28 November 20181 GBP = 467.5141 NGN
Tuesday 27 November 20181 GBP = 463.6269 NGN
Monday 26 November 20181 GBP = 465.4235 NGN
Sunday 25 November 20181 GBP = 466.4681 NGN
Saturday 24 November 20181 GBP = 466.6846 NGN
Friday 23 November 20181 GBP = 466.6487 NGN
Thursday 22 November 20181 GBP = 464.4981 NGN
Wednesday 21 November 20181 GBP = 464.9339 NGN
Tuesday 20 November 20181 GBP = 465.4303 NGN
Monday 19 November 20181 GBP = 466.1133 NGN
Sunday 18 November 20181 GBP = 464.8416 NGN
Saturday 17 November 20181 GBP = 468.0157 NGN
Friday 16 November 20181 GBP = 467.3737 NGN
Thursday 15 November 20181 GBP = 463.9123 NGN
Wednesday 14 November 20181 GBP = 473.3324 NGN
Tuesday 13 November 20181 GBP = 472.613 NGN
Monday 12 November 20181 GBP = 467.1216 NGN
Sunday 11 November 20181 GBP = 468.3797 NGN
Saturday 10 November 20181 GBP = 472.9467 NGN
Friday 9 November 20181 GBP = 472.7927 NGN
Thursday 8 November 20181 GBP = 474.9325 NGN
Wednesday 7 November 20181 GBP = 476.5343 NGN
Tuesday 6 November 20181 GBP = 475.7426 NGN
Monday 5 November 20181 GBP = 474.1559 NGN
Sunday 4 November 20181 GBP = 472.4016 NGN
Saturday 3 November 20181 GBP = 470.8843 NGN
Friday 2 November 20181 GBP = 470.8843 NGN
Thursday 1 November 20181 GBP = 472.2092 NGN
Wednesday 31 October 20181 GBP = 464.3741 NGN
Tuesday 30 October 20181 GBP = 462.0038 NGN
Monday 29 October 20181 GBP = 465.3449 NGN
Sunday 28 October 20181 GBP = 464.6866 NGN
Saturday 27 October 20181 GBP = 465.7429 NGN
Friday 26 October 20181 GBP = 465.8744 NGN
Thursday 25 October 20181 GBP = 465.9221 NGN
Wednesday 24 October 20181 GBP = 467.6527 NGN
Tuesday 23 October 20181 GBP = 471.9553 NGN
Monday 22 October 20181 GBP = 471.4215 NGN
Sunday 21 October 20181 GBP = 475.0038 NGN
Saturday 20 October 20181 GBP = 475.1665 NGN
Friday 19 October 20181 GBP = 475.1665 NGN
Thursday 18 October 20181 GBP = 473.3178 NGN
Wednesday 17 October 20181 GBP = 476.9873 NGN
Tuesday 16 October 20181 GBP = 479.6045 NGN
Monday 15 October 20181 GBP = 478.8592 NGN
Sunday 14 October 20181 GBP = 475.5043 NGN
Saturday 13 October 20181 GBP = 477.5625 NGN
Friday 12 October 20181 GBP = 477.5625 NGN
Thursday 11 October 20181 GBP = 481.2855 NGN
Wednesday 10 October 20181 GBP = 479.3345 NGN
Tuesday 9 October 20181 GBP = 477.8896 NGN
Monday 8 October 20181 GBP = 475.3204 NGN
Sunday 7 October 20181 GBP = 477.2446 NGN
Saturday 6 October 20181 GBP = 475.6223 NGN
Friday 5 October 20181 GBP = 476.8026 NGN
Thursday 4 October 20181 GBP = 473.1185 NGN
Wednesday 3 October 20181 GBP = 470.0258 NGN
Tuesday 2 October 20181 GBP = 471.5825 NGN
Monday 1 October 20181 GBP = 474.4694 NGN
Sunday 30 September 20181 GBP = 474.1848 NGN
Saturday 29 September 20181 GBP = 472.3743 NGN
Friday 28 September 20181 GBP = 472.3743 NGN
Thursday 27 September 20181 GBP = 474.6643 NGN
Wednesday 26 September 20181 GBP = 479.1321 NGN
Tuesday 25 September 20181 GBP = 478.45 NGN
Monday 24 September 20181 GBP = 477.2984 NGN
Sunday 23 September 20181 GBP = 474.3194 NGN
Saturday 22 September 20181 GBP = 473.8965 NGN
Friday 21 September 20181 GBP = 473.8593 NGN
Thursday 20 September 20181 GBP = 481.6165 NGN
Wednesday 19 September 20181 GBP = 476.0262 NGN
Tuesday 18 September 20181 GBP = 477.3311 NGN
Monday 17 September 20181 GBP = 475.9554 NGN
Sunday 16 September 20181 GBP = 473.9144 NGN
Saturday 15 September 20181 GBP = 473.6767 NGN
Friday 14 September 20181 GBP = 473.6767 NGN
Thursday 13 September 20181 GBP = 476.4192 NGN
Wednesday 12 September 20181 GBP = 472.5763 NGN
Tuesday 11 September 20181 GBP = 472.9297 NGN
Monday 10 September 20181 GBP = 472.4697 NGN
Sunday 9 September 20181 GBP = 465.0782 NGN
Saturday 8 September 20181 GBP = 464.8579 NGN
Friday 7 September 20181 GBP = 464.7798 NGN
Thursday 6 September 20181 GBP = 464.6968 NGN
Wednesday 5 September 20181 GBP = 466.6528 NGN
Tuesday 4 September 20181 GBP = 462.4031 NGN
Monday 3 September 20181 GBP = 462.8296 NGN
Sunday 2 September 20181 GBP = 468.0511 NGN
Saturday 1 September 20181 GBP = 469.4088 NGN
Friday 31 August 20181 GBP = 469.4088 NGN
Thursday 30 August 20181 GBP = 471.0614 NGN
Wednesday 29 August 20181 GBP = 471.2249 NGN
Tuesday 28 August 20181 GBP = 466.0038 NGN
Monday 27 August 20181 GBP = 465.9603 NGN
Sunday 26 August 20181 GBP = 463.3454 NGN
Saturday 25 August 20181 GBP = 463.2025 NGN

 

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.

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