Currency Rates for Nigerian Naira
Currency Rates for Nigerian Naira - GBP to NGN - Send Money Transfer to Nigeria - ₦. Introduced in 1973, the naira replaced the pound at a ratio of 1 pound: 2 naira. The naira has suffered from rapid inflation and discussions have been underway since 2008 surrounding revaluing the naira. The foreign exchange currency code for NGN represents the Nigerian Naira exchange rate.
Currency Exchange Rates for Nigerian Naira. Coins in denominations of 50 kobo, and 1 and 2 naira are in circulation, alongside banknotes of 5, 10, 20, 50, 100, 200, 500 and 1000 naira.
History of Nigerian Naira
Before the introduction of the Nigerian Naira in 1973, the country relied on the pound from 1907 to 1973. Over the existence of the Naira, there has been rampant inflation forcing the central bank of Nigeria to control the annual inflation rate below 10 percent. As a result, the CBN embark on increasing key interest rates six times in 2011 alone. But to reduce the impact of inflation, the CBN decided to maintain interest rate at 12 percent as from Jan 2012. In 2016, the Naira was pegged at 197 to the dollar and the CBN allowed the naira to float. Currently the exchange rate ranges between 280 â€“ 350 to the dollar.
Coins were introduced in 1973 in different denominations of , 1, 5, 10 and 25 kobo. Currently however, coins in circulation are 50 kobo, and 1 and 2 as some were withdrawn from circulation as from 28 February, 2007.
Similarly, notes were also introduced in 1973 for 50 kobo, 1, 5, 10 and 20 naira. Different and higher denominations were issued in later years with 5, 10, 20, 50, 100, 200, 500 and 1000 naira being in circulation today. Since 2012, the CBN has been mulling over introducing new currency denominations of N5,000 with plans to convert different denomination notes 5, 10, 20 and 50 into coins.
Due to high costs and environmental considerations, the CBN announced that its banknotes will no longer be issued on polymer. The CBN further said it was to issue a 100 naira commemorative note on 12 November, 2014 to celebrate the countryâ€™s centennial of its existence which were redesigned with improved security features and a QRC code that when scanned leads to the history of the Countryâ€™s history.
Redenomination of the naira was to be done in August 2008
where 100 old naira was scheduled to become a new naira, but President Umaru Yaâ€™Adua
cancelled the exercise. The CBN sets the exchange rate while the amount of
foreign currency is regulated through weekly auctions. The CBN nevertheless says that the weekly auctions will eventually be phased out with the CBN allowing the market forces to determine the rates with the bank intervening "only when there is need."
GBP to N
Bank Exchange Rates for Nigerian Naira. The foreign exchange rates for Nigeria also known as the ISO code NGN. Send money transfer online with us with the cheapest options.