Current Naira To Pounds Exchange Rate for Today 20/07/2021-Bank,CBN & Black market Rate
You are here reading this article because you wish to know the exchange rate of 1 Naira to the Great Britain Pounds! right? You are at the right place! Well, let’s get to it fast..
How much is pounds to Naira exchange rate today in the bank and black market?
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Here it is;
Naira to pounds GBP Rate for today,Buy rate at =>705.26
Naira to pounds GBP Rate for today,Sell rate at=>701.02
Daily Pound to Naira Black Market (Lagos,Nigeria) Review
Pound is being traded at ₦705 in Black Market (Lagos) today, July 20, 2021. Pound started last week at ₦708 in Black Market on Monday, July 12, 2021. This makes a 0.42% fall for Pound rate against Naira since last week.
To have a monthly quick review, we see that Pound to Naira exchange rate was ₦710 on Thursday, July 01, 2021 at the beginning of July. With Pound being traded at ₦705 now, we see a 0.70% fall for Pound to Naira exchange rates for this July.
What could be the reason for this? What are the factors responsible for this exchange rate?
The Pounds Sterling
Before we get to that, let’s talk about The Pound Sterling as a currency itself. If you are a Nigerian, then you probably know a lot about the Nigerian Naira. The Nigerian Naira is available in bank notes of 5 Naira, 10 Naira, 20 Naira, 50 Naira, 100 Naira, 200 Naira, 500 Naira and 1000 Naira. And it used to be available in coins known as the Kobo but that is now scrapped. The coins called Kobo was used before but its usage has being stopped.
So, to the Pound Sterling.. The Pound Sterling is the official currency of the United Kingdom and some other British nations. Its symbol is £. The Pound Sterling is available both in banknotes and coins. The currency is issued by the Bank of England. Pounds Sterling is the third most traded currency in the Foreign Exchange markets with the US Dollars coming first. As of the time of writing this post, One Pound equals to 1.28 United States Dollars.
So, now you know a bit about both currencies from these brief descriptions. So, let’s talk about the factors that have led to the high exchange rate of the Naira to the Pound Sterling. When we talk about the factors here, we are simply referring to the causes of the high currency exchange rate.
Causes of High Pounds to Naira Exchange Rate
1. Few Products To Export And High Importation Rates.
It is no news that in Nigeria, we import more than we export. Nigerians have this obsession with foreign products. We import goods ranging from our simple tools, to our vehicles, to our clothes, to even our fashion accessories. When you compare the ratio of imported goods to exported goods, it is very large. This affects the value of the Naira greatly and depreciates it greatly as well hence causing higher exchange rate between the Naira and foreign currencies.
2. Schooling Abroad
A lot of privileged Nigerians are sending their kids to study abroad. What this means is that a lot of money is going out of Nigeria into the foreign economies all over the world. Because the number of students being sent money from Nigeria to foreign countries is very high, then the Naira starts to depreciate because of this. Depreciating Naira means higher exchange rates from Naira to other foreign currencies.
3. Fall in Oil Prices
There was a time when the cost of oil per barrel was very high. This favored Nigeria greatly and our economy was smiling. But in recent years, particularly in the last three years, there has been a sudden fall in the price of oil. This, of course, has affected Nigeria very greatly and led Nigeria to plunge into recession. Petroleum products are one of the few products that Nigeria exports and in recent years, Nigeria has seen a drop in oil prices per barrel all over the world. What this means is that, Nigeria is not gaining enough revenue like it used to gain from the exportation of petroleum to the world. This is due to the fall in oil prices and this has drastically affected Nigeria’s Naira value against other foreign currencies.
4. Lack of Governmental Intervention and Huge Public Debts.
The government of Nigeria has not taken any tangible and drastic steps to curb the falling Naira and its high exchange rate against top leading foreign currencies all over the world. Also, Nigeria has quite a huge amount of debts borrowed from international organisations and countries. All these are not helping the Naira get stronger but are only making it further depreciate against other foreign currencies.
To stop the high exchange rate of the Pound Sterling to the Naira, Nigeria needs to find more products to export, reduce the amount of money leaving the country and encourage local patronage of Nigerian goods and services.
Top 10 major facts about the British Pounds Sterling
By popular demand and anticipation, we bring you a compilation of our top ten interesting, intriguing and mind blowing facts about the British Pound Sterling. We trust that at the end of this whole ride, you’d have been enlightened and increased in knowledge.
The following is for your reading delight:
- The currency gets its name from the Latin word “libra”, which makes reference to weight and balance.
- The British pound sterling is the oldest existing currency in the world, it origins that can be traced back to old continental Europe.
- Unknown to many persons who are either living outside the UK or have never been to the UK at any one time in their lives, the pound sterling being in use in the UK are existing in 1p, 2p, 5p, 10p, 20p, 50p, £1 and £2 coins and £5, £10, £20 and £50 notes. £1 notes are also issued and not just being used in Britain, they are also in use in Guernsey, Jersey, the Isle of Man, and in Scotland by the Royal Bank of Scotland. These areas are also privy to using the £100, in addition to this country is Northern Ireland.
- In 1988, the £1 notes were taken out of circulation by the Bank of England which serves as its central bank. Some of the currency are produced as commemorative currencies. These currencies have been tagged commemorative because they were brought into circulation to celebrate occasions in the history of the country and activities that surround the royal house. They include the 25p and £5 coins.These have been produced, and can be accepted as payment in the country for goods and services. It is note worthy that no 25p coin has been produced again since 1981, when it was produced to commemorate the wedding of Prince Charles and Lady Diana.
- This will really interest you, As a strategy of war during the second World,the Nazi forces of Germany cunningly produced in large quantities counterfeit British Pounds, the idea was for it to devalue and weaken the British economy. After the war had taken its toll and ended in 1945 approximately 13% of the value of the notes in existence were fake. In response to this upon discovery, Britain responded by making extinct notes of higher denominations and as security measure putting metal strips through the notes that were subsequently produced. These metal strips can still be found in the pound sterling today.
- On the other side of notes are images of some famous British men and women. Images like that of Elizabeth Fry which is behind £5 notes, Charles Darwin which is behind the £10 notes, Adam Smith on the £20 notes and lastly James Watt and his business partner cum friend Matthew Bolton appears on £50 notes. Persons who are considered to have been great achievers and world conquerors of Britain descents have also been on the notes.
- The English saying ‘Spend a penny’means going to the bathroom, and it originated from the need to pay one penny for the use of a public WC. This practice started during The Great Exhibition in 1851.
- As of today, the most expensive UK coin ever was an Edward III Florin, it was sold for £460,000 at an auction. It is said that only three of these coins are known to exist or have ever existed.
- Currently in international markets, the Great Britain Pound is the fourth most-traded currency in the world, preceded by the United States Dollar, the Euro, and the Japanese Yen.
To close up this list of top ten facts about the British Pounds Sterling, we share with you the number ten on our list;
10. Two 1p coins when weighed on a scale weighs the same as one 2p coin, and two 5p coins weigh the same as one 10p coin.
By extension,Nigerians are currently everywhere in the world and UK most especially. However,their percentage in the UK, US and Canada are much more than the rest of the world when compared critically and this situation isn’t favoring our economy at all and most especially our currency. From the above, you can now Convert pound to naira using the exchange rates above without hassle.