Facts about The British Pounds. At the black market, if you’re selling your 1 British Pound to get Naira today, the abokis would buy from you at a lower price and sell at a higher price. Buying @ 1 Naira = 0.0555 Rand Selling @ 1 Naira = 0.0357 Rand Rand to Naira CBN Rate. Though the Federal government had tried all it could and have been successful lately in increasing the strength of the naira, though it’s still not where it was before the current administration, the trend is on the increase even after stopping the official pegging of the exchange rate which was thought would bring about the strengthening of the Nigerian currency. Britain immediately responded with the decision of taking notes of higher denominations out of circulation and addition metal threads through the notes that they produced. British Pounds is higher than Naira today because Nigeria operates one commodity-based economy, which is oil, a major source of her foreign currency. Any import-dependent economy is sure to suffer the same fate the naira is suffering today. See:Dollar to Naira Black Market Rate GBP rate for today is ₦624 in Black Market(Lagos) today, Sunday, December 13, 2020. Assuming this looted fund is invested here, it wouldn’t even affect the Naira that much but this money is hidden in a faraway land and invested. The local currency declined slightly by N1 from N595 it traded against the Pounds on Tuesday to N596 on Wednesday. Since the Nigerian naira experienced free fall, it has struggled against foreign currencies like Pounds. Even after decimalization, certain old coins continued to be legally acceptable for a while. In 1973, the naira was replaced by the pound at a rate of 2 naira = 1 pound. This rise in demand for scarce foreign currency bri… The Pound is not only being used in the United Kingdom, but it is also used in places like the Independent Island of Jersey, Guernsey, and the Isle of Man which is surrounding the British Isle. There are actually some interesting facts we feel you should know about the Pounds. A country’s currency is mostly different from each other, other countries still use this but they all know their limit. How Much Is 1000 In Naira Tuesday, 1 December 2020. How much is pounds to Naira exchange rate today in the bank and black market? This article will enlighten you about the Pounds to naira exchange rate today. You may think since no official announcement was made, it wasn’t devalued but a critical look at the way it was falling before they now left it to the market forces proves otherwise. You can always check on this site to get daily updates of the Pound to Naira exchange rate both in the black market and the official CBN rate.You can easily subscribe to this blog to get the information delivered straight to your email. Few of the latter are currently in circulation due to the devaluation of the Nigerian currency. When the parallel market for foreign exchange is legal, it is often referred to as a dual exchange rate (DER) system. The 50P coins were a replacement of 10 shillings notes. Your email address will not be published. Recently, I came across a Nigerian in a Nigerian online Forum asking which ATM machine can he use to cash out the fund in his Payoneer MasterCard in dollars stating he really doesn’t want to cash it in Naira. You have just converted ten thousand pounds to nigerian naira according to the recent foreign exchange rate 508.10634302.For ten thousand pounds you get today 5,081,063 naira 43 kobo. RELATED ARTICLES. GBP to NGN currency converter. How do they make money? The Naira was a major international exchange currency during the 1970s even attaining a rate of exchange of 2 Nairas to the US British Pound at the time of its first issue in 1973 in place of the Pound. These metal threads are still present in the currency to date. Such countries include Lebanon, Syria, Egypt, Sudan. There are made in Nigeria cars around, but Nigerians prefer to import cars. 1 GBP = 540 NGN. The bank of England issues notes for use in England and Wales, the bank of Scotland and Clydesdale bank issues notes for Scotland. Now, the pound we are talking about in this article is the currency that is used by different nations. The US British Pound dates back to the year 760 but the first paper notes were introduced in 1694. There are 3 coins for the Nigerian Naira (₦0.5. Charles Darwin is on the back of the £10 note, Adam Smith is on the back of £20 notes. A great nation like Nigeria has refused to grow her economy with all the natural and human capital at her disposal. That’s it on “Pounds to Naira Exchange Rate In Black Market Today”, share your thoughts and suggestions with us through the comment box and like us on Facebook @ facebook.com/9jaquest or follow us on twitter @ twitter.com/NaijaQuest. Online Currency Convertor Services. 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