Nigerians who frequently travel to the United Kingdom for business, work, tourism as well as other commitments need to ensure that they have the right currency to enable them transact in their host country without any problems. While Nigerians use Naira (NGN) as their official currency, those in the United Kingdom use Great Britain pounds (GBP). This means that you have to convert the money you intend to use during your stay in UK to GBP. The exchange rates differ each second. The exchange rate that was five minutes ago might not be completely different from what it currently is. The good news is that, the changes are minimal and not expected to make a huge difference in the overall outcome of the conversion.
Foreign exchange is a moneymaking business and if you are not careful, you can fall victim to swindlers who will take advantage of your lack of information to swindle you. This is why it is important to know the right channel to follow to gain more advantage and to stay safe. Here is a detailed discussion on how to convert Nigerian naira to pounds.
Converting Nigerian Naira to Pounds – Steps and Procedures
Requirements for Converting Nigerian Naira to Pounds
Not much is required of you if you want to exchange naira that is rightfully yours to GBP. All you will need to avail are your valid passport and the amount of naira you wish to convert to pounds. Any other additional requirements depend on the international exchange institution with which you wish to transact.
The Steps to Follow In Converting Nigerian Naira to Great British Pounds
Converting your money to pounds may be necessitated if you have to travel to UK and the countries that use GBP as their official currency. Here are the steps to follow in order to convert Nigerian naira to pounds without incurring any loses.
Step 1: Find out the current exchange rates
Many websites provide information about the prevailing foreign exchange rates. While they may be accurate, you will realize that whatever they indicate is not the true picture on the ground. The best place to find the information is the official website of the Central Bank of Nigeria (CBN). The information you get from this website will act only to guide you on the most competitive international exchange institutions to convert your Naira in.
Step 2: Ready the money you want to exchange
British pounds are much stronger than Nigerian naira. This means that huge amounts of naira will be needed to raise a couple of hundreds of pounds. You will need several millions of Nigerian naira, which may be difficult to handle. If you have to raise the money from different sources, make sure you do so in time for the day it will be converted.
See Also: How To Convert US Dollars to Naira
Step 3: Convert your money at the CBN
Once you have all the money, head to any branch of the Central Bank of Nigeria. Approach a banking officer and ask to him/her to help you convert your money to pounds. You will need to provide him or her with a valid passport, which he or she will scrutinize. If all things are in order, you will have your money converted immediately and you can return with it after signing the necessary documents.
One important advice is to ensure that you count the cash in pounds you received right there at the teller window. Should there be a shortfall then you can square it out with the banker immediately. If you wait until you reach home or office to do the counting, you cannot do much in case of miscalculation. This is because it will be hard to convince the bank that you have not kept or used part of the money you are claiming to be missing.
Converting Nigerian Naira to Pounds Overseas
If you are in UK, there is no central bank of Nigeria branch in that country. If you possess some naira you wish to convert to pounds in the UK then the best option is to go to any of the international airports in the country. Most of them have foreign exchange offices where you can exchange your money. Furthermore, multinational banks in UK also offer these services at much better rates compared to Forex offices at the airports.
Frequent visitors to UK from Nigeria may benefit from having an account with multinational banks with branches in both the countries. With an international ATM, you will be able to withdraw your money in whatever currency you would like as long as it is supported by that bank.