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Travel › Re: Uk Student Visa/tier 4 Pbs - Your Questions Answered Part 8 by haslemolapade: 2:42pm On Jun 25, 2023

SPDAZZY:
On the Oanda website, there is 'Currency I have' and 'Currency I want '

As Nigerians, we have naira and are 'buying' pounds with our naira not selling. GBP-NGN means we have pounds and want to buy naira.

I will reiterate that we are buying pounds and should use NGN-GBP.

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Travel › Re: Uk Student Visa/tier 4 Pbs - Your Questions Answered Part 8 by haslemolapade: 2:42pm On Jun 25, 2023

SPDAZZY:
I have to strongly disagree with you. The applicant's available currency is naira which he would trade in for pounds for his maintenance and tuition.

So the right arrangement would be to determine how much naira would give the desired amount of pounds for POF.

I know we all want the more palatable news, but the truth is that it's NGN-GBP and not the other way round.

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Travel › Re: Uk Student Visa/tier 4 Pbs - Your Questions Answered Part 8 by haslemolapade: 2:41pm On Jun 25, 2023

SPDAZZY:
On the Oanda website, there is 'Currency I have' and 'Currency I want '

As Nigerians, we have naira and are 'buying' pounds with our naira not selling. GBP-NGN means we have pounds and want to buy naira.

I will reiterate that we are buying pounds and should use NGN-GBP.

1 Like

Travel › Re: Uk Student Visa/tier 4 Pbs - Your Questions Answered Part 8 by haslemolapade: 11:39am On Jun 25, 2023*

SPDAZZY:
On the Oanda website, there is 'Currency I have' and 'Currency I want '

As Nigerians, we have naira and are 'buying' pounds with our naira not selling. GBP-NGN means we have pounds and want to buy naira.

I will reiterate that we are buying pounds and should use NGN-GBP.

What the UKVI use as equivalent is their own currency which the transaction currency (GBP) as basis not yours.
The decision maker will use GBPNGN not NGNGBP. They are the one to determine the value of 1 Pound to your Naira or USD not you telling them NGNGBP. You can take your time more to research about currency pairs.

GBPNGN (Its means UKVI valued their currency and tell you or quote the Naira Equivalent) This is what they use as POF for International students
NGNGBP (You are the one valuing your currency and quoting the GBP equivalent to them)

Travel › Re: Uk Student Visa/tier 4 Pbs - Your Questions Answered Part 8 by haslemolapade: 11:06am On Jun 25, 2023*

SPDAZZY:
I have to strongly disagree with you. The applicant's available currency is naira which he would trade in for pounds for his maintenance and tuition.

So the right arrangement would be to determine how much naira would give the desired amount of pounds for POF.

I know we all want the more palatable news, but the truth is that it's NGN-GBP and not the other way round.

I disagree with ur analysis. The UKVI will never valued your NGN as a basis to get their our currency equivalent (NGNGBP) The currency position is GBPNGN, GBPUSD or GBPEUR as the case maybe

Using the Oanda Site as at today.

GBPNGN, NGNGBP
as at today
1 GBP = 1,004.96

1 NGN = 0.00096 GBP

as at yesterday
1 GBP = 1,013.95

1 NGN = 0.00097 GBP
* It implies that, Naira value increases while the pound depreciated.

https://www.youtube.com/watch?v=UtKE2ru6nfA

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Travel › Re: Uk Student Visa/tier 4 Pbs - Your Questions Answered Part 8 by haslemolapade: 8:20am On Jun 25, 2023

Mymehn:
Just use the highest to avoid story that touch

Currency at the top means BUY

Currency at the bottom means SELL

Wrong, In forex, currencies are traded in pairs. The first currency is called the base currency and the second currency is called the quote currency.
Using the Oanda Site.

GBPNGN, NGNGBP

1 GBP = 1,013.95

1 NGN = 0.00097 GBP

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Travel › Re: Uk Student Visa/tier 4 Pbs - Your Questions Answered Part 8 by haslemolapade: 6:13am On Jun 25, 2023

Emcee6:
You’re converting from NGN to GBP.

The GBP is the transaction currency also known as base currency . The right arrangement is GBPNGN.
UKVI will convert their Pounds to Naira equivalent using the oanda site.
They will NEVER and NEVER put Naira First in the Oanda converter to determine their Pounds

GBPNGN

1 GBP = 1,013.95 as at today

not NGNGBP

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Travel › Re: Uk Student Visa/tier 4 Pbs - Your Questions Answered Part 8 by haslemolapade: 6:09am On Jun 25, 2023

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