Pounds to Naira Exchange Rate Today: Over the past couple of years, the Nigeria Naira has not been doing well against the major currencies of the world. One of those major currencies is the Pounds Sterling, the official currency of the United Kingdom (UK). With the exchange rate that will be share in this write up, you should be able to convert pounds to Naira May 2018. This article contains both the official or Central Bank of Nigeria (CBN) rate and the black market rate. We have previously published an article on the exchange rate of dollar to naira and gtbank exchange rate today.
Pounds to Naira Exchange Rate Today Black Market & Official Rate May 2018.
Like i said earlier, the Pounds is to United Kingdom what Naira is to Nigeria. Pound Sterling along with Dollar and Euro are on top of the list of the most powerful currency in the world.
As a Nigerian, if you deals in pounds either you are an exporter or importer you need to be up to date on the current exchange rate of how much is pounds to naira today. This also goes to people that sends or receive money to or from the United Kingdom.
Pounds to Naira Exchange Rate Today Black Market.
The rate on the street by black market agents popularly known as aboki.
- Buy: 495.
- Sell: 500.
Exchange Rate Pounds to Naira CBN.
Central bank of Nigeria (CBN) rate.
- Buy: 412.3268.
- Sell: 413.6798.
Buy in this write up is the amount in Naira banks, black market agents or CBN will give you for 1 pound and Sell is the amount in Naira you will pay banks, black market agents or CBN to get 1 pound.
This article will be followed up by Nigerian banks exchange rate meaning the amount you will be charged by your banks when you use your mastercard details to shop on foreign sites that pays in dollar, pounds or euro.
Also the amount you will receive to your bank account in Naira when you receive one of these foreign currency into your savings account.
Conversion of Pounds to Naira.
Current black market selling rate of pound to naira was used for this calculation. The same format is applicable for calculation involving the buying rate.
- £1 = 500 Naira.
- £5 = 500 x 5 = 2500 Naira.
- £10 = 500 x 10 = 5000 Naira.
- £20 = 500 x 20 = 10,000 Naira.
- £50 = 500 x 50 = 25,000 Naira.
- £100 = 500 x 100 = 50,000 Naira.
- £200 = 500 x 200 = 100,000 Naira.
- £500 = 500 x 500 = 250,000 Naira.
- £1000 = 500 x 1000 = 500,000 Naira.
- £5000 = 500 x 5000 = 2,500,000 Naira.
- £10,000 = 500 x 10,000 = 5,000,000 Naira.
But assuming you are to convert from naira to pounds, use the rate below.
- £1 = 500 Naira.
- X = 1 Naira.
Cross multiplication will give you X = 1 x 1 / 500.
X = 1 / 500 = 0.002.
That’s 1 Naira = £0.002 Great Britain Pound (GBP).
So let’s assume you are to convert 1000 Naira to pound.
- N1000 = 1000 x 0.002 = £2.
- 5000 Naira = 5000 x 0.002 = £10.
- 10,000 Naira = 10,000 x 0.002 = £20.
Disclaimer: Always remember that i used the black market (aboki) selling rate for this calculation.
The procedure is the same with different result when you use black market buying rate or cbn (official) rate or various banks mastercard rate.
Great Britain Pounds Sterling (GBP).
Pound sterling is the official currency of the United Kingdom and couple other countries.
It is denoted or represented by (£).
The GBP is the fourth (4th) most traded currency in the world after the US Dollar, Euro and Japanese Yen.
It currently has exchange rate value higher than both the USD and EUR.
Penny is the smaller unit of pound. It is represented by (p) and has pence has its plural form. 100 pence = 1 pound.
In the mean time, that’s all on pounds to naira exchange rate today May 2018. Don’t forget to share this article using the social sharing buttons.