Pounds to Naira Exchange Rate

Pounds to Naira Exchange Rate.Facts and Figures

The British Pound, the fourth most traded currency in the forex market and the third most held reserve currency in the world, is the currency of United Kingdom. A pound is divided into one hundred pence.

The currency symbol is £ and the currency code is GBP. The British Pound is the oldest currency still in use today, as well as one of the most commonly converted currencies. The British Pound is used in these countries: United Kingdom, England, Northern Ireland, Scotland, Wales, Falkland Islands, Gibraltar, Guernsey, Isle of Man, Jersey, Saint Helena, Ascension, South Georgia South Sandwich Islands and Tristan da Cunha. The Bank of England is the central bank of the United Kingdom.

Currency Facts : Pounds

GBP Stats
Name: British Pound
Symbol: £
Penny: p
Minor Unit: 1/100 = Penny
Central Bank Rate: 0.50
Nicknames: Pound Sterling, Sterling, Quid, Nicker
Coins: Frequently Used: £1, £2, 1p, 2p, 5p, 10p, 20p, 50p
Banknotes: Frequently Used: £5, £10, £20, £50; Rarely Used: £100
Central Bank: Bank of England
Website: http://www.bankofengland.co.uk
Users: United Kingdom (UK), England, Northern Ireland, Scotland, Wales, Falkland Islands, Gibraltar, Guernsey, Isle of Man, Jersey, Saint Helena, Ascension, South Georgia South Sandwich Islands and Tristan da Cunha. The Bank of England is the central bank of the United Kingdom.

Naira to Pounds History

Nigeria became a British protectorate on the 1st of January, 1901, the Britain assumed the leading world power at that time. Nigeria, colonized under the British administration, witnessed the use of the Nigerian pound as the currency of Nigeria between 1907 and 1973. Nigeria continued to use the British West African Pound up until 1958. It was subdivided into 20 shillings, each comprising of 12 pence. The Nigerian currency, Naira, was introduced on 1 January, 1963 at a rate of 2 naira to 1 pound.

A great wave of independence in the 20th century resulted to a great deal of independence in various African countries. After much deliberation on 27 October 1958, Nigeria became an independent state on the 1st of October, 1960. Nigeria became the last country to abandon the £sd currency system. Coins were also introduced in denominations of ½, 1, 5, 10 and 25 kobo. However, the ½ kobo coins were minted only in 1973.

After gaining independence, the Nigerian currency witnessed a rampant inflation that further devalued the Naira. The Central Bank of Nigeria attempted to control the growing inflation rate as plans were made to redenominate the naira at 1 new naira to 100 old naira in 2008. But those plans were suspended as proven unsuccessful. The growing exchange range of Naira to Pounds has exceeded the former rate of 2 naira to 1 pound to 1 naira to 0.0021 pounds; The Current rate is about 470 naira to 1 pound at the black market.

CBN Pounds to Naira Exchange Rate Summary (2010 - 2017)

The Summary below displays the CBN Pounds Exchange Rate(buying) from 2010 -2017
January 2010 : 237.86
January 2011 : 231.34
January 2012 : 243.09
January 2013 : 252.26
January 2014 : 255.58
January 2015 : 254.64
January 2016 : 289.59
January 2017 : 373.49

Source : Central Bank of Nigeria (CBN)