Did you know the pound was the currency of Nigeria early 90s? Well it was. Nigeria used the British West African pound for some time before Naira was introduced.
The British West African pound was equal to the pound sterling and like the pound sterling; it was subdivided into 20 shillings, each of 12 pence.
Don’t get it twisted. The pound sterling commonly known as the pound is the official currency of the United Kingdom and some other countries.
The complete official name -pound sterling- is used mainly in formal contexts or when it is essential to distinguish the United Kingdom currency from other currencies with the same name. Otherwise the term pound is normally used.
Pound sterling is said to be the world’s oldest currency still in use and which has been in continuous use since its inception.
Sterling is one of the most-traded currencies in the foreign exchange market. Also, it is among the most-held reserve currency in global reserves.
The Nigerian pound was equal in amount, status and character with the British Pound. The decimal naira later replaced it at a rate of 1 pound = 2 naira
History says Nigeria was the last country to abandon the £sd currency system.
Confused huh? Don’t be. The £sd currency system sometimes expressed as “Lsd” is the identity of the pre-decimal currencies. The currencies were once common throughout Europe, most common in the British Isles and as such, gained popularity in many countries of the British Empire, and then, the Commonwealth.
The naira was introduced on 1 January 1973, replacing the pound at a rate of 2 naira = 1 pound. Since then, the relationship between the new Nigerian currency and the pound sterling has been of interest to Nigerians.
Just about everyone wants to know how much naira are obtainable in 1 pound, how to convert pounds to naira, and naira to pounds.
Thanks to the internet, many sites offer steady update of the value and exchange rate between naira and pounds.
Yet, many simply believed that converting pounds to naira, is too intricate and should be abandoned as a task for economist and their likes.
Anyway, there’s absolutely, no big deal in converting pounds to naira. It’s all about knowing how much the pound is worth in terms of the naira.
Nevertheless, you ought to know the codes, symbols and dividing manner of both currencies. That will aid your understanding of the pounds to naira conversion.
The code for the British pound is GBP (Great Britain Pound) that of the Nigerian Naira is NGN.
The Symbol for the British Pound is £, whereas the Nigerian Naira symbol is N.
While the Naira is divided into 100 kobo, the pound is divided into 100 pence.
For 2016, one Nigerian Naira has equaled an average of £0.003, a minimum of £0.002, and a maximum of £0.004.
As of the time this report was filed, 8th of July 2016, pounds to naira was at 1 GBP = 365.1519 NGN. That is, 1 pound equals 365.1519 Nigerian naira.
The GBP NGN (pounds to naira) exchange rate from Monday 11th of January 2016 to Wednesday 6th of July 2016 was on an average of 294.0096 NGN for 1 pound over this period.
The highest point of the pounds to naira exchange rate was on the 23rd day of June 2016. 1 pound was exchanged for 423.9434 NGN.
Also, the lowest pound to naira exchange rate was on 26th February 2016. For 1 pound, you’d get 275.9924 NGN.
From the forgoing, you’ve probably, already grasped that the naira to pounds naira talks are all about what financial experts would refer to as ‘Foreign exchange rate.’
Yes, it is. The term refers to the numerical value of the domestic currency of one country at any given time, in relation to those countries with which the country has trade links.
Quite obvious, the exchange rate is seen as an instrument that informs the economic management ability of a nation.
In Nigeria, the exchange rate policy has experienced changes right from the post-independence era. Then, the country maintained a fixed parity with the British pound throughout the oil boom of the 1970’s.
The economy almost died between 1982 and 1985. Thus, the currency floated in 1986. The naira was allowed to fluctuate against the pound in response to foreign-exchange market mechanisms.
Experts believes that the economic and political decisions made to support the exchange rate policy, triggered effects that saw the structural evolution of the economy, inflation and even real income. .