Convert NGN to GBP
NGN to GBP Comparison Table
| Feature | NGN (Nigerian Naira) | GBP (British Pound Sterling) |
|---|---|---|
| Currency Code | NGN | GBP |
| Symbol | ₦ | £ |
| Issuing Authority | Central Bank of Nigeria | Bank of England |
| Economic Strength | Developing, resource-based economy | Developed, diversified economy |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic and international transactions, trade, investment |
| Digital Payment Adoption | Growing adoption, mobile money prominent | High adoption, advanced infrastructure |
| Inflation Rate | Historically high | Low inflation |
| Interest Rates | High | Lower than Nigeria |
| Foreign Exchange Reserves | Moderate | Substantial |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Significant, diverse sectors |
Key Observations:
- The NGN is a currency of a developing economy with high volatility, while the GBP is from a developed, diversified economy with relative stability.
- The UK has a significantly more advanced digital payment infrastructure compared to Nigeria.
- The interest rate differential between the two countries is substantial.
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to KES NGN to LYD NGN to MAD NGN to MGA | NGN to INR NGN to IQD NGN to IRR NGN to ISK |
| European Currencies | North America Currencies |
| NGN to BAM NGN to BGN NGN to BYN NGN to CAD | NGN to BSD NGN to CAD NGN to CUP NGN to DOP |
7 Facts About the Pound Sterling
The Pound Sterling, often simply referred to as the Pound, is the official currency of the United Kingdom and several of its territories. It’s one of the oldest currencies still in use, tracing its origins back to the Anglo-Saxon period.
- Historical Significance: As one of the world’s oldest currencies, the Pound Sterling carries a historical weight and is often seen as a symbol of British economic influence.
- Global Currency: The Pound Sterling is a major global currency, widely traded on the foreign exchange market.
- Floating Exchange Rate: The Pound operates on a floating exchange rate system, meaning its value fluctuates based on market forces.
- Economic Influence: The UK’s role in the global economy significantly impacts the Pound’s strength and volatility.
- Subdivisions: The Pound Sterling is divided into 100 pence.
- Financial Center: London’s status as a global financial center influences the Pound’s position in the international market.
- Brexit Impact: The United Kingdom’s decision to leave the European Union has had a significant impact on the Pound’s value and the UK economy.
Top Banks in Nigeria and United Kingdom for Your Naira to Pound Conversion
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| United Kingdom | HSBC Holdings plc | London |
| United Kingdom | Lloyds Banking Group plc | London |
| United Kingdom | Barclays plc | London |