Pounds to Naira Black Market Rate Today [date] Aboki
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 boosting the liquidity to BDCs across the country.
Our team are constantly monitoring the GBP/NGN (Pound to Naira) exchange rate.
Different currencies all over the world have different exchange values in respect to Naira. We should note that currency value often fluctuates over time, but how strong a currency is indicates how healthy the economy is.
It's also worthy to note that Pound Sterling, alongside the US Dollar and Japanese Yen, remains one of the most popular currencies in the world. But today, we are going to narrow this article to the Pound Sterling (GBP) in relation to the Naira.
More on Pound Sterling:
- In the exchange market, the Pound is regarded as the 4th most traded currency—behind the U.S. Dollar, Euro, and Yen.
- The currency has a sign of £ with a currency code of GBP, and a slang term: “quid.”
- A pound is made up of 100 pence with the symbol "p". Hence 100 pence makes £1 and 50 pence makes £0.50.
- Before 1971, a pound was divided into shillings. A shilling is made up of 12 pence.
The Naira usually goes into free fall when oil prices drop and the economy is under pressure. It becomes difficult for the Naira to regain value unless the government intervenes by injecting more forex—though such interventions are usually temporary and artificial.
History has taught us that such temporary fixes don’t sustain the Naira. Experts advise the government to diversify the economy to stabilize it sustainably.
Top Facts About GBP
- Pound Sterling is one of the oldest surviving currencies. Its origin can be traced back to continental Europe.
- The name “Pound Sterling” comes from the Greek word “libra,” which means weight and balance.
- Pound Sterling is issued by the Bank of England—the only recognized authority for issuing it.
- Henry VII’s reign saw the first pound coins in 1489.
- Pound Sterling is the official currency of the United Kingdom (England, Wales, Scotland, and Northern Ireland).
- Banknotes: 1, 5, 10, 20, 50 pounds. Coins: 1, 2, 5, 10, 20, 50 pence and 1, 2 pounds.
- During WWII, Germans attempted to destabilize the Pound by mass printing counterfeit notes.
- King George V was the first monarch to appear on Pound Sterling currency.