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 to 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 the UK to GBP. The exchange rates differ each second. The naira to pounds 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.
See Also: How To Open an Account with Zenith Bank Nigeria
How Can I Convert Naira to Pounds and Pounds to Nigerian Naira?
To convert Nigerian Naira (NGN) to British Pounds (GBP), you will first need to multiply the amount of Naira or Pounds you want to convert by the exchange rate. This will give you the equivalent amount for either of the currencies.
For example; If the current exchange rate is 1 GBP to 1000 NGN and you want to convert 100 Pounds to Naira, your calculation would be 100 GBP * 1000 NGN = 100, 000 NGN.
This means that 100 British Pounds would be equivalent to 100,000 Nigerian Naira at the given exchange rate.
Also, if the exchange rate for 1 NGN is 0.0011GBP, and you want to convert 1000NGN to Pound sterling, your calculation would be 1000NGN * 0.0011GBP = 1.1GBP
This means that 1000 Naira would be equivalent to 1.1 British Pound sterling at the given exchange rate.
It is, however, important to note that exchange rates can vary slightly between different sources and institutions due to economic factors such as market demand, and the service provider’s fees. So, it’s important to check the rate from a reliable source and be aware of any potential additional charges.
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.
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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.
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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
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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 him/her to help you convert your money to pounds. You will need to provide a valid passport, which will be used to scrutinize you. If all things are in order, you will have your money converted immediately and you can return 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.
Are There Some Apps that Can Convert Pounds to Naira?
There are various available apps you can trust to help you convert your Pounds to Naira or Naira to Pounds. All you need to do is to download them from your app store. Here are some popular apps you can use to convert your Pounds to naira.
- British Pound x Nigerian Naira: This app helps you convert from the British Pound to Nigerian Naira and from the Nigerian Naira to the British Pound. It provides you with the current exchange rate and also allows you to change the rate manually to the rate of your choice
- Aboki Forex: It is one of the reliable currency exchange apps. It features Black Market Rates – Dollar to Naira, Euro to Naira, and Pound to Naira. The app also provides Cryptocurrencies exchange rates. Aboki Forex Rates are updated daily with price change notifications.
- Afriex: This App not only helps you convert your pounds to Naira and Naira to Pounds, it is also responsible for sending and receiving money anywhere in the world using the current exchange rate.
Is it Possible to Change Pounds to Naira in the Bank?
Changing your Pounds to Naira is very much possible and available in the bank. If you’re changing money in Nigeria, it is best you do so through a bank or official money exchange. However, the exchange rate varies from bank to bank and is subject to change. It is, therefore, important that you compare the rates of different banks before making a transaction. Banks convert the Pound using its official Pound-Naira exchange rate before crediting your account with the equivalent.
Converting Nigerian Naira to Pounds Overseas
If you are in the 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.
See Also: How To Convert Nigerian Naira to US Dollars
Frequent visitors to the UK from Nigeria may benefit from having an account with a multinational bank with branches in both 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.
Is it Legal to buy Pounds in Nigeria?
Yes, it is legal to buy pounds in Nigeria. According to the Central Bank of Nigeria (CBN), it is legal to buy foreign currencies, including British Pounds from any licensed commercial bank in Nigeria, regulated by it. The banks in Nigeria are required to sell dollars to both account holders and walk-in customers 18 years and above with a valid means of identification. However, it is not possible for an individual to walk into CBN and buy foreign currency. The CBN only sells Foreign currency to Banks and Bureaux de Change.