Nigerian Naira

Nigerian Naira

The naira (sign: ₦; code: NGN) is the currency of Nigeria. It is subdivided into 100 kobo. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Nigerian Federation. It controls the volume of money supplied in the economy in order to ensure monetary and price stability. The Currency & Branch Operations Department of the CBN is in charge of currency management, through the procurement, distribution/supply, processing, reissue and disposal/disintegration of bank notes and coins.

British Pound

British Pound

The pound sterling (symbol: £; ISO code: GBP), commonly known as the pound and less commonly referred to as Sterling, is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha. It is subdivided into 100 pence (singular: penny, abbreviated: p). A number of nations that do not use sterling also have currencies called the pound. At various times, the pound sterling was commodity money or bank notes backed by silver or gold, but it is currently fiat money, backed only by the economy in the areas where it is accepted. The pound sterling is the world's oldest currency still in use and which has been in continuous use since its inception.Sterling is the fourth most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. Together with those three currencies and the Chinese yuan it forms the basket of currencies which calculate the value of IMF special drawing rights. Sterling is also the third most-held reserve currency in global reserves (about 4%).The British Crown dependencies of Guernsey, Jersey and the Isle of Man produce their own local issues of sterling (the Guernsey pound, the Jersey pound and the Manx pound) which are considered fully equivalent to UK sterling in their respective regions. The pound sterling is also used in Gibraltar (alongside the Gibraltar pound), the Falkland Islands (alongside the Falkland Islands pound), Saint Helena and Ascension Island in Saint Helena, Ascension and Tristan da Cunha (alongside the Saint Helena pound). The Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Banknotes issued by other jurisdictions are not regulated by the Bank of England; local governments use Bank of England notes as backing for local issuance by allowing them to be exchanged 1:1 at face value.

475 Nigerian Naira to British Pound exchange rates chart

475 NGN to GBP exchange rates graph
475 NGN to GBP Spot rate – This is known more formally as the ‘interbank’ rate. It is the rate banks or large financial institutions charge each other when trading significant amounts of foreign currency. In the business, this is sometimes referred to as a ‘spot rate’. It is not the tourist rate and you cannot buy currency at this rate, as you are buying relatively small amounts of foreign currency. In everyday life it is the same as the difference between wholesale and retail prices. The rates shown in financial newspapers and in broadcast media are usually the interbank rates.

475 NGN to GBP exchange rates table

Exchange NGN to GBP
475 Nigerian Naira = 1.009 British Pound
950 Nigerian Naira = 2.018 British Pound
2375 Nigerian Naira = 5.046 British Pound
4750 Nigerian Naira = 10.092 British Pound
Exchange Nigerian Naira to British Pound
475 Nigerian Naira to British Pound Cross rate – This is the rate we give to customers who want to exchange currencies that do not involve the local currency. For example, if you want to exchange Australian dollars into US dollars.

475 NGN to GBP exchange rates news

Ghana unveils plans to increase its cocoa processing capacity

Ghana produced 880,000 tonnes of Cocoa in 2018 but currently has the capacity to process about only 300, 000 tonnes. It has plans to increase that number.

14 days indicative neutral
2019 Elections: Tinubu urges Nigerians to re-elect President Buhari

Asiwaju Bola Tinubu, National Leader, All Progressives Congress (APC), has urged Nigerians to re-elect President Muhammadu Buhari for a second term in 2019 to foster continuity, hope and development.

24 days conditional positive
The Implications Of The Acceptance Of The Naira As A Trade Currency By The United Kingdom - International Law - Nigeria

Recently, UK Export Finance; the United Kingdom's export credit agency, added the Naira to its list of pre-approved currencies. Nigeria International Law Perchstone & Graeys 15 Feb 2018

29 days conditional positive
Naira sells at N358.5 to dollar at parallel market
Naira sells at N358.5 to dollar at parallel market

The Naira on Wednesday appreciated marginally against the dollar at the parallel market in Lagos, exchanging at N358.50 to the dollar.

about 2 months conditional negative
Police in Edo arrest eight suspects over alleged illicit sale of Naira
Police in Edo arrest eight suspects over alleged illicit sale of Naira

The Police Command in Edo has arrested seven suspects in connection with illicit sale of Nigerian currency.

2 months indicative neutral
Jamaican dollar declines 10 cents vs greenback

The Jamaican dollar devalued by 10 cents against the United States dollar during Wednesday’s trading, according to the trading summary from the Bank of Jamaica (BOJ)

11 days indicative negative

475 NGN to GBP currency converter