Understanding the historical exchange rates between the British Pound (GBP) and the Nigerian Naira (NGN) is crucial for businesses, travelers, and individuals involved in international transactions. This article provides a comprehensive overview of the GBP to NGN exchange rate history, including trends, data statistics, and factors influencing the rate.
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The currency code for British Pounds is GBP. The currency symbol is £. Our currency rankings show that the most popular British Pound exchange rate is the GBP to USD rate. More British Pound info.
The currency code for Nigerian Nairas is NGN. The currency symbol is ₦. Our currency rankings show that the most popular Nigerian Naira exchange rate is the NGN to USD rate. More Nigerian Naira info.
British Pound Sterling Nigerian Naira traded at 1,886.856 this Thursday November 6th, increasing 4.649 or 0.25 percent since the previous trading session. Looking back, over the last four weeks, GBPNGN gained 4.42 percent. Over the last 12 months, its price fell by 13.39 percent.
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Looking ahead, we forecast British Pound Sterling Nigerian Naira to be priced at 1,901.870 by the end of this quarter and at 1,894.465 in one year, according to Trading Economics global macro models projections and analysts expectations.
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Historical Exchange Rate Trends
The GBP/NGN rate is down -12.02% in the six months.
Welcome to the GBP to NGN exchange rate history page. This page contains detailed daily historical exchange rates between GBP and NGN from 2025-3-8 to 2025-11-05, making it easy to look up and reference.
Past 7 days historical exchange rates Below are the daily average exchange rates of GBP to NGN for the past 7 days, helping you track the trend during this period. We also provide exchange rate changes of NGN to GBP, helping you understand fluctuations from different perspectives and better plan your currency exchange, transfers, or fund management.
GBP to NGN Chart
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Data Statistics
This section organizes the historical exchange rate data of 1 GBP to NGN, including daily data over the past 1 day, 15 days, 30 days, and 90 days. It also marks the highest, lowest, and average rates during each period, helping you easily understand how the exchange rate has changed over time, which is useful for currency exchange, transfers, or investment decisions.
| Period | Past 1 day | Past 15 days | Past 30 days | Past 90 days |
|---|---|---|---|---|
| High | 1908.57 | 1990.47 | 2009.92 | 2093.06 |
| Low | 1908.57 | 1888.49 | 1888.49 | 1888.49 |
| Average | 1908.57 | 1946.61 | 1967.17 | 2019.11 |
By examining the recent fluctuations in the exchange rate between GBP and NGN, you can determine whether the current exchange rate is high or low, helping you decide whether to immediately remit, lock up the exchange, or delay the transaction to obtain a better price.
Look at the charts of GBP to NGN over the past few months. If the trend is upward, it means GBP is appreciating and exchanging to NGN is more cost-effective; if downward, you may want to act quickly to exchange at a better rate.
Understanding the Currencies
GBP - British Pound
The British pound is one of the oldest currencies in the world, dating back to the establishment of the Bank of England in 1694. As the core currency of London, the global financial center, the British pound still enjoys an important position in international trade and investment, with extremely high market liquidity and credibility.
- Supporting unit: 1 pound = 100 pence (Penny)
- Denomination of banknotes: £5, £10, £20, £50 (Bank of England); Scotland and Northern Ireland also issue local banknotes.
- Reserve currency: Yes, it is one of the world's major reserve currencies.
- Banknote material: Polymer (new version), equipped with advanced anti-counterfeiting technology.
- Metal composition: Nickel-clad steel, copper-nickel alloy, bimetal, etc.
- Currency symbol: £
- Paper currency size: £20 is 139mm × 73mm; £50 is 146mm × 77mm.
- language: en
- Main unit: 1 Pound (GBP)
- ISO code: GBP
- Currency name: Pound sterling
- Exchange Rate System: Floating exchange rate system
- Central Bank: Bank of England
- Safe-haven currency: Yes, it has certain hedging attributes, especially in the European market.
- Coin denomination: 1, 2, 5, 10, 20, 50 pence; £1, £2
- Countries of Use: United Kingdom (England, Scotland, Wales, Northern Ireland), Gibraltar, Saint Helena, Isle of Man, etc.
- Cross-border payment: The British pound is widely used in global financial markets, supporting international payments through systems such as SWIFT and CHAPS, and is suitable for financial institutions and bulk trade settlements.
NGN - Nigerian Naira
The naira was introduced in 1973 as a replacement for the Nigerian pound. The NGN plays a central role in Africa's largest economy, supporting a diversified economy, particularly the oil and agriculture industries.
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- Supporting unit: 1 Naira = 100 Kobo
- Denomination of banknotes: 5, 10, 20, 50, 100, 200, 500, 1000 Naira
- Reserve currency: No, the primary reserves consist of foreign currencies such as USD, EUR, and RMB.
- Banknote material: Most are paper-based, while some small denominations are made of polymer.
- Metal composition: Nickel-plated steel core, copper alloy, aluminum alloy, etc.
- Currency symbol: ₦
- Paper currency size: For example, 1000 Naira is approximately 151mm × 78mm.
- language: en
- Main unit: Naira
- ISO code: NGNC
- urrency name: Nigerian Naira
- Exchange Rate System: Regulated floating exchange rate system
- Central Bank: Central Bank of Nigeria
- Safe-haven currency: No, there are significant fluctuations in exchange rates and strong capital controls.
- Coin denomination: 50 Cobos, 1, 2 Naira (seldom used).
- Countries of Use: Nigeria is the only country where it is used officially.
- Cross-border payment: Naira is not freely convertible in the international market and is primarily settled through the SWIFT network and banking intermediaries. Cross-border payments often use the US dollar or euro as intermediary currencies, which limits efficiency.
Factors Affecting the Exchange Rate
Several factors can influence the GBP to NGN exchange rate, including:
- Economic performance of the UK and Nigeria
- Political stability in both countries
- Interest rates set by the Bank of England and the Central Bank of Nigeria
- Global market conditions
- Demand and supply of both currencies
Tips for Cross-Border Transactions
When conducting cross-border transactions, pay attention to real-time rates, the bid-ask spread, settlement fees, etc. Especially for large payments, even small differences in the GBP to NGN exchange rate can result in substantial changes in actual amounts.
Different banks or payment platforms use various pricing mechanisms. Some use mid-market rates; others add wider spreads, fees, and settlement times.tCauses you to see GBP to NGN on Platform A as 7.10, while Platform B shows 7.02. Such differences can be significant for large transactions.be necessary.
The actual amount received during remittance is directly affected by the GBP to NGN exchange rate. Differences in rates offered by banks or platforms may lead to significant differences in the final amount. It’s recommended to compare real-time rates and fees from several providers before making a decision.
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Disclaimer: The exchange rate data on this page is collected from public sources for reference only. Due to frequent fluctuations, XTransfer cannot guarantee accuracy or timeliness.
