Over 70 million downloads worldwide. Convert Send Charts Alerts. GBP — British Pound. We use midmarket rates These are derived from the mid-point between the "buy" and "sell" transactional rates from global currency markets. They are not transactional rates. Learn more. NGN — Nigerian Naira. Convert British Pound to Nigerian Naira. Convert Nigerian Naira to British Pound. These are the highest points the exchange rate has been at in the last 30 and day periods.
These are the lowest points the exchange rate has been at in the last 30 and day periods. These are the average exchange rates of these two currencies for the last 30 and 90 days. These percentages show how much the exchange rate has fluctuated over the last 30 and day periods. Send money online fast, secure and easy. Create a chart for any currency pair in the world to see their currency history. These currency charts use live mid-market rates, are easy to use, and are very reliable.
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Indian Rupee. Indonesian Rupiah. Iran Rial. Iraqi Dinar. Israeli Sheqel. Jamaican Dollar. Japanese Yen. Jordanian Dinar. Kazakhstan Tenge. Kenyan Shilling. Kuwaiti Dinar. Latvian Lats. Lebanese Pound. Lesotho Loti. Lithuanian Litas. Macau Pataca. Macedonian Denar.
Malawi Kwacha. Malaysian Ringgit. Maldives Rufiyaa. Mauritania Ougulya. Mauritius Rupee. Mexican Peso. Moldovan Leu. Mongolian Tugrik. Moroccan Dirham. Namibian Dollar. Nepalese Rupee. Neth Antilles Guilder. New Zealand Dollar. Nicaragua Cordoba. Nigerian Naira. Norwegian Krone. Omani Rial. Pacific Franc. When prices are high, you save as much as you can. When prices fall, you open the tap and increase your spending. The point of this is to keep things going steady and avoid wild shocks in the economy.
What Nigeria instead does is to increase spending once oil prices go up with things like increased minimum wages, bloating the civil service or even outright theft. Politics always manages to bully economics. And yet, oil prices dropping is as sure to happen as night following day. Another lesson is that the politicisation of the exchange rate of the naira is an unhealthy obsession in Nigeria. Yet, the rhetoric only lasts till oil prices go back up and then politicians can return to their old ways.
The very act of trying to fiddle with the currency whenever we run into trouble is what really needs to be looked at. And then a pointless argument about what should be imported and what should not predictably take up valuable media space. Nigeria wants to have high oil prices and spend without saving.
It is not possible to have all these things at the same time. There are no easy answers to this problem. Having an economy that is not tied to the price of one product that is bound to have wild price swings is an obvious solution. But wanting a diversified economy and actually having one are two completely different things. And if Nigeria is going to diversify its economy, it has not even started yet. Over the last 20 years or so, Nigeria has slowly but steadily moved towards a market-determined foreign exchange system.
This is the right thing to do as it takes the matter out of the hands of politicians. Given the severity of the current crisis, all those gains are now being undone with all kinds controls and erratic moves that slowly choke the life out of the economy.
Who knows, this might even teach some sense. I thank them.
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