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GBP to NGN Exchange Rate

Currency Exchange Rates for Nigerian Naira. Currency Information on Nigerian Naira - NGN — Nigerian Naira - ₦. The foreign exchange currency code for NGN represents the Nigerian Naira exchange rate.

Introduced in 1973, the naira replaced the pound at a ratio of 1 pound: 2 naira. The naira has suffered from rapid inflation and discussions have been underway since 2008 surrounding revaluing the naira.

Currency Information on NGN. Coins in denominations of 50 kobo, and 1 and 2 naira are in circulation, alongside banknotes of 5, 10, 20, 50, 100, 200, 500 and 1000 naira.
-BIRTH OF NIGERIAN NAIRA

Nigeria had its currency notes issued by the West African Currency Board since 1912. The Board introduced many different strategies and notes which weren't efficient eventually. So in 1973, after Head of State's announcement, the new Nigerian currency that replaced the Nigerian pound was Nigerian Naira. The initial rate was 1 pound = 2 naira.

-COINS AND BANKNOTES

It is important to mention that the lowest valued coins were called ''kobos''. There were denominations of 1/2, 1, 5, 10, 25 and 50 kobos and 1 or 2 naira. All those were coins but let's take a look at the banknotes too. The first high valued banknote was the N20 (20 naira). That was the first feature which made it really special because it was signalling the high growth and inflation rates that the Nigerian economy was facing. At this point, we have to keep in mind that since the introduction of naira the Nigerian economy faced really tough inflationary pressure which led the Central Bank of Nigeria to raise its interest rates significantly. The second fact that made the N20 so special was the Portrait of the Nigerian Head of State which was depicted on the banknote. At this time, there were also banknotes of 5 and 10 Nigerian naira. Since the economy kept growing, more banknotes introduced such as N50 in 1991, N100 in 1999, N200 in 2000, N500 in 2001 and N1000 in 2005.

-HYPERINFLATION, DENOMINATION AND THE NEW NAIRA

Sooner or later, the hyperinflation hit the Nigerian economy and the denomination of the naira was inevitable even though the then-President cancelled this process. The Nigerian Central Bank committed to make the naira compatible with foreign currencies because it firmly believed that a denomination would strengthen the position of Nigerian naira by keeping it more stable. Moreover, it would shift the expectations and help naira regain the trust of governments, investors and citizens. The denomination stated that 100 old naira would be 1 new naira. A lot of questions are arising about the importance, the benefits and costs of such a denomination but the Nigerian Central Bank is pretty clear about its beliefs and predictions about the so called ''new naira''.

Convert Pound to Nigerian Naira

Convert GBP to NGN exchange rate. Buy and sell British Pounds to Nigerian Naira. Convert NGN to GBP with a currency broker offering the best foreign exchange rates. Exchange GBP to NGN- Convert Pound to Nigerian Naira for a Free Online Quote.

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