{"id":489,"date":"2013-12-03T21:38:16","date_gmt":"2013-12-03T20:38:16","guid":{"rendered":"https:\/\/buzznigeria.com\/?p=489"},"modified":"2023-11-11T23:07:32","modified_gmt":"2023-11-11T22:07:32","slug":"convert-british-pounds-naira","status":"publish","type":"post","link":"https:\/\/buzznigeria.com\/convert-british-pounds-naira\/","title":{"rendered":"Pounds To Naira: How To Convert GBP to NGN with Latest Exchange Rate"},"content":{"rendered":"
British pound ceased to be an acceptable means of exchange in Nigeria in 1973 after the Nigerian Naira was introduced. So, if you’re planning to travel or send money from Britain to Nigeria, you will be required to convert your currency from British pounds to Nigerian Naira before you can actually transact or proceed with the sending of money.<\/p>\n
Also to note, the exchange rate between the British pound and Nigerian Naira keeps on fluctuating by going slightly above or below N700 Naira for one British pound. But before we look at how to convert British pounds To Naira, let’s look at the Naira in great detail.<\/p>\n
To start with, the code for Nigerian Naira is NGN. In addition to that, the Naira is broken down into 100 Kobo and, both the Kobo and the Naira have no plural nor singular forms but instead remain the same in both cases. The Naira completely replaced the sterling pounds in 1976 and has been the acceptable means of exchange in Nigeria ever since.<\/p>\n
How To Convert British Pounds to Naira<\/strong><\/h2>\n
Coins and Bank Notes<\/strong><\/h3>\n
Just like the currency in any other country, the Naira has both coins and notes. The coins are divided into three denominations – I Naira, 2 Naira and 50 Kobo. Bank notes, on the other hand, are availed in 8 different denominations: 1000 Naira, 500 Naira, 200 Naira, 100 Naira, 50 Naira, 20 Naira, 10 Naira and lastly, 5 Naira. The larger denominations are not used often when compared to their smaller counterparts.<\/p>\n
You can choose to exchange your money in the different exchange facilities, which may also include hotels, or in the banks. The exchange rate is usually determined by the government and it’s always above 200 Naira for one pound. You’re, however, advised not to exchange your money in the black market as it’s not only dangerous but also illegal in Nigeria.<\/p>\n
Additionally, credit cards are barely accepted by most businesses in Nigeria because of fraud, and you’ll be expected to present cash every time you decide to buy something. Similarly, if you have a traveller’s check, then you can only exchange it from the big banks in Nigeria and most of them are found in the big cities.<\/p>\n