All About Pounds to Naira Conversion
Previously, the British Pound was the currency utilized as the basic currency in Nigeria; however, in 1973 it ceased to be an exchange of goods and other services. Nigerian Naira was introduced in this year and has continued to be the standard currency in Nigeria. However, when a resident of Nigeria wishes to send money or travel to Britain, they need to convert the currency. The same applies vice versa too; as the pound is no longer utilized as a means of exchange in Nigeria.
Nigerians who regularly travel between the UK and Nigeria, for work, tourism or business ensures that they carry the correct currency, so that they can manage without hassle in either country. Therefore, these individuals need to be well acquainted with the conversion rate for Pounds to Naira.
For residents of UK, it is necessary to know the code for Nigerian Naira is NGN and is equal to 100 kobo. Both units of money do not have any singular or plural forms, and remain same in both forms. Naira is available in the form of coins and notes, and in the case of coins the denominations are 50 kobo, 1 Naira and 2 Naira. Bank notes are available in several denominations including 5 Naira, 10 Naira, 20 Naira, 50 Naira, 100 Naira, 500 Naira and 1000 Naira. The largest denominations are rarely used when compared to the smaller denominations, and are therefore available in greater quantity.
Money can be exchanged at various facilities and foreign exchange is a lucrative business which swindlers usually take advantage of. If one is not careful or well informed they might lose their hard earned money, as swindlers do not follow the general conversion rates.
The only requirements for exchanging Naira to pounds are a valid passport and amount for exchange. Most organizations do not ask for any other documents, however, the requirements might vary from one organization to another. By following the steps listed below one can exchange their money without incurring any losses.
Currency exchange rate
There are numerous websites now offering information about foreign rates, however, not all websites can be trusted. Nigerian citizens can use the website of the Central Bank of Nigeria as this institute offers the most accurate and latest exchange rates. Most websites might offer the accurate rate but do not offer the most competitive rates. Furthermore, the Central Bank of Nigeria offers the best rates for foreign exchange of currencies and is a reliable organization.
Prepare the amount
Pounds are much stronger compared to Naira, which means a huge amount of Naira is required to generate a considerable sum, especially when one is planning a holiday in the UK. If the amount has to be raised from several sources to ensure that it is ready on the day when one approaches any institution for the exchange. One must also secure the amount carefully as millions of Naira is required to generate hundreds of pounds.
Central Bank of Nigeria
There are several organizations which one can approach, however, large banks like GT Bank , Heritage and Citibank Nigeria offers good conversion rates and are present in all 36 states . The process of exchange is quite easy as all you need to do is find an official and inquire about the exchange process. You will be asked to present your passport and once the documents are verified, one can have their money in exchange denominations.
At this institute you will not be duped and you do not need to know how much is pounds to Naira conversion rate. However, you need to know the approximate conversion rate so that you are able to arrange the exact amount required by you for travelling and other expenses.
Additionally, you must count the notes received at the teller window itself so that there are no chances of the amount being miscalculated. If you leave and later check the amount at home or office the officials might not believe you and might consider you responsible for the missing money.
Conversion of Naira to Pounds in UK
When you are in the UK and require pounds, but are running short, you can get cash exchanged from Naira. While there are some Nigerian banks in the UK, one can approach international airports as these house foreign exchange facilities as this will be easier. If one wants better rates than those offered at airports, they can approach multinational banks as these organizations offer better rates that forex offices in airports.
Nigerian residents who regularly travel to and from the UK can create accounts with multinational banks and carry out monetary transactions, as it is beneficial in terms of exchange rates and is also feasible. This makes it possible to draw money from an international ATM in either country and one need not approach any exchange offices, as they can simply deposit the money in their account in one country and withdraw when they are in the other country.