Are you interested in finding the exchange rate of pounds to Naira for today. We have help you with the recent updates below, just go through it.
December 1, 2021
December 1, 2021
December 1, 2021
Naira touched an intraday high of N404.00 and a low of N415.20 before closing at N413.38 per $1 on Thursday.
Premium Times reports that :
At the black market in Abuja and Lagos, dealers exchanged the naira at N570.00 per $1 on Thursday.
The battle to save the Naira from further Depreciation can only be won if the central Bank of Nigeria can Unify the exchange rate by consistently boasting the liquidity to BDCs across the country
Our team are constantly monitoring the GBP/NGN (Pound to Naira) exchange rate.
Different currency all over the world has different exchange values in respect to Naira , We should note that currency value often fluctuate over a period of time but how strong a currency is indicates how healthy the economy is.
It’s also worthy to note that pound sterling alongside with US Dollar Japanese Yen remains on the top list of popular currency in the word. But today we are going to narrow down this article to the pound sterling (GBP) in relation with the Naira.
More on pound sterling :
In the exchange market, the pound is regarded as the 4th most traded currency, it comes behind the U.S Dollar,Euro and Yen which occupies the first, second and third position respectively.
The currency has a sign of £ with a currency code of GBP, it has a slang term used to refer it which is quid.
A pound is made up of 100 pence with a symbol “p”. Hence 100 pence makes £1 and 50 pence makes £0.50.
Another important thing to note is that before 1971 A pound is divided into shillings . A shillings is made up of 12 pence
The Naira is usually on free fall each time the fall in price of oil put the economy under pressure. When such happens it becomes difficult for the Naira to regain its value except in a situation where the government have to pump in more forex to the market, such interventions are only artificial and temporary ,
history has thought us that such temporary intervention won’t won’t sustain the Naira. Expert advice the government to diversify which will help stabilise the Naira.
Top fact ABOUT GBP
pound sterling remains one of the oldest surviving currency in the world. The origin of pound sterling can be traced back to the continental Europe.
The name “pound sterling” comes from a Greek word known as “libra”, in Greek this means weight and balance.
pound sterling is issued by Bank of England. The Bank of England is the only recognised authority for over 300 issuing pound sterling.
The reign of Henry VII saw The first pound coins in circulation in 1489.
The pound sterling remains the official currency of United Kingdom ( England, Wales, Scotland and Northern Ireland).
pound sterling notes exist in the following denominations : 1, 5, 10, 20 and 50
pound sterling coins exist in the following denominations: 1, 2, 5, 10, 20 and 50 pennies and 1 and 2 pounds.
During the world war II, the Germans did everything to weaken the pounds starlings by mass printing counterfeit so as to destabilise and weaken the already exhausted nation.
King George V was the first monarch to have his head or image appeared on the notes.
It’s worthy to note that pound sterling still have the image of prominent or famous people of England such as Winston Churchill, Adam Smith and James Watt whose image appeared on the £5, £10 and £ 20 respectively.
Chike Olisah is a Graduate of Economics with over 20 years working experience in the financial service sector. He has worked in research and marketing departments of five top commercial banks in Nigeria.