Find out more about the current value of the naira, the rate at which dollars can be exchanged for naira (NGN), and the Black Market. Find out how much a single US dollar is worth in Nigerian naira. You can learn more by visiting:
The dollar to Naira exchange rate is important for many conducting business or financial transactions using both the US dollar and the Nigerian naira.
As you know, the exchange rate fluctuates every day according to various factors.
Getting informed about the current exchange rate is crucial for businesses which doing import or export goods, as it affects the cost of goods and services.
Companies need to keep track of the exchange rate to ensure they can remain competitive in the market.
The exchange rate is also important for investors. A change in the exchange rate can significantly impact the value of investments in foreign currencies or stocks.
This is why many investors keep a close eye on the exchange rate and make adjustments to their portfolio as necessary. Being aware of the exchange rate can also help individuals make smart investments and budget effectively.
It is important for travelers also because rate affects the cost of travel, including airfare and hotel accommodation. Knowing the current exchange rate can help travelers budget effectively and make informed decisions when planning a trip.
It’s important for travelers to know the rate before making transactions abroad, to avoid been short changed. Keeping track of the exchange rate is essential for anyone who conducts business or financial transactions involving both the U.S. dollar and Nigerian naira.
You don’t have to go to a bank or money exchange to check the exchange rate. Want to know a quick and easy way to check the exchange rate? don’t worry! have the explanation below.
- Dollar to Naira today
- FAQ How to Exchange Dollar to Naira and vice versa
- FAQ Dollar to Naira
- How much is 1 dollar in naira?
- How much is 10 dollar in naira?
- How much is 20 dollar in naira?
- How much is 50 dollar in naira?
- How much is 80 dollar in naira?
- How much is 100 dollar in Naira (nigeria currency)?
- How much is 150 dollar in naira?
- DOLLAR TO NAIRA NEWS: Naira Under Pressure: Losses Worsen on Official Market
Dollar to Naira today
|Market||Dollar ($)||Naira (₦)|
|Black market:||$1||₦ 762|
|CBN rate:||$1||BUY ₦ 459.91 |
SELL ₦ 460.91
The value of the Nigerian currency declined against the US dollar in the official market but improved in the black market and peer-to-peer market. The depreciation was due to increased demand for foreign exchange. Data showed a 116.3% increase in forex transactions in the official market. However, the domestic currency appreciated against the US dollar in the P2P market, trading at N762/$1. In the parallel market, the currency also appreciated, selling at N750/$1. In the interbank window, the Nigerian currency remained stable against the Pound Sterling and Euro, closing at N567.45/£1 and N500.73/€1 respectively.
1. Currency App
To begin, I recommend downloading a free app called Currency App to find current exchange rates. This app can convert over 180 different currencies globally and updates exchange rates every minute. You can use this app on your mobile device to find the value of one currency in another at any time, anywhere in the world.
2. Search Engine
You can also use a search engine like Google to find the exchange rate of a foreign currency. If this is what you would like to do, simply type the name of the foreign currency along with its exchange rate you wish to know and compare it with the value of the Naira. This will be done automatically for you.
For example, to find out how many Naira you can buy with one US dollar, type “USD to Naira Today” into the search box and hit “Enter” on your keyboard. This will tell you how much one currency is worth in the other. The results will be shared with the public as soon as possible. Most of the time, the exchange rate that is shown is the most up-to-date rate that is available at that moment.
3. CBN Official Website
The Central Bank of Nigeria, which is a financial services institution, is in charge of both storing and distributing money. If you go to their official website, you can find out about the different exchange rates for currencies without having to pay anything. If you go to the bank’s website, you can find a full list of the prices of a number of different foreign currencies. This will help you learn more about how exchange rates work.
These are some easy ways to check the current exchange rate. If you are thinking about sending money to another country, you might find the information in this article useful.
FAQ How to Exchange Dollar to Naira and vice versa
Converting dollars to Naira is not difficult if one knows how to do it. Here is a summary of the questions and answers discussed in the previous article. Before making a decision to trade currencies, it is important to read the entire article.
To get the best deal, one should first find out the selling rate of the currency and then choose the money changer to buy from. This will ensure getting the best deal. As different exchange rates are offered by most money exchange places, one should choose the one that offers the best deal to get the maximum value for their money.
To get the best exchange rate, it is advisable to check the buying rate first and then choose the money changer. Choose the bank, money exchange or any other place for currency exchange that offers the best exchange rate. This will ensure that your money is worth the most.
One can trade US Dollars for Nigerian Naira or vice versa both inside and outside Nigeria. However, most people prefer to change money in their home country as it is easier, more options are available and the cost is usually lower. Currency exchange can be done at a licensed service, a bank, an airport or any other public place. While traveling, the safest option is to use an ATM for currency exchange.
Dollars can be converted to Naira at the bank, but the rate is usually lower than at a money changer. Banks usually ask for identification proof.
Exchanging money at money changers is safe if they have official permission. Research should be done to find out which bank has the best exchange rate. Determine if the exchange rate for the Nigerian Naira tends to rise or fall. If one is good with numbers, they can also consider the differences in exchange rates between the Naira and two other currencies. To trade Naira for US Dollars, one can start by exchanging them for euros and then choose to convert euros to dollars at a rate that suits them.
To get the best deal, check the buying rate first and then choose the money changer. This will help get the best price. As each bank, money changer and other type of money changer usually has a different exchange rate, choose the one that offers the best chance of making money.
FAQ Dollar to Naira
How much is 1 dollar in naira?
1 United State Dollar Equal to 459.91Nigerian Naira
How much is 10 dollar in naira?
10 United State Dollar is Equal to 4599.1 Nigerian Naira
How much is 20 dollar in naira?
20 United State Dollar is Equal to 9198.2 Nigerian Naira
How much is 50 dollar in naira?
50 United State Dollar is Equal to 22995.5 Nigerian Naira
How much is 80 dollar in naira?
80 United State Dollar is Equal to 36792.8 Nigerian Naira
How much is 100 dollar in Naira (nigeria currency)?
100 United State Dollar is Equal to 45991 Nigerian Naira
How much is 150 dollar in naira?
150 United State Dollar is Equal to 68986.5 Nigerian Naira
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DOLLAR TO NAIRA NEWS: Naira Under Pressure: Losses Worsen on Official Market
On Tuesday, the value of the Nigerian Naira decreased further when compared to the United States dollar at the Investors and Exporters window. The Naira was exchanged for ₦462.00 against one US dollar.
This means that the Naira has decreased in exchange value by ₦0.39 or 0.08 per cent compared to the value it had on Monday. On Monday, the Naira was exchanged for ₦ 461.61 per dollar, but on Tuesday it dropped to ₦ 462.00 per dollar.
According to the data available on the website of FMDQ (where foreign exchange is officially traded) shows that the Nigerian currency reached its highest value of ₦440.00 per dollar and its lowest value of ₦463.00 per dollar during the day on Tuesday. And at the end of the day it was traded at ₦462.00 per dollar.
On Tuesday, the official exchange window saw a decreased in the amount of foreign exchange traded. The turnover went down by 15.61%, which means that on Tuesday $112.04 million worth of foreign exchange was traded as compared to $132.77 million that was traded on Monday
Naira decreased in value even further in the parallel market. This is due to ongoing scarcity of foreign exchange and an increase in the demand for it. The decreasing value of NGN in the parallel market is an indication of a difficult economic condition in the country.
In Uyo, local currency traders at the Udi street market reported that on Tuesday, the Nigerian currency (NGN) was being bought and sold at different rates. They said that the currency was being bought at N744.00 per United States dollar, and then sold at N750.00 per dollar. This is a slight increase from the exchange rate of N743.00 per dollar that was reported on Monday.
In the Abuja zone 4 market, currency dealers stated that on Tuesday, the dollar was being bought at N743.00 and sold for a higher rate at N745.00 or above. This indicates that there is a demand for the dollar in this market and it is causing its value to increase in comparison to the Nigerian currency. This is a similar trend to the one reported in Uyo market.
What is 1$ to naira in black market today? ›
Exchange Rate Today
USD is being traded at ₦750 in Black Market(Lagos) today, Tuesday, January 31, 2023. USD has been traded at ₦749 when Black Market opened this week on Monday, January 30, 2023. This makes it 0.01% rise for United States Dollar against Naira this week.
Latest Currency Exchange Rates: 1 US Dollar = 459.8941 Nigerian Naira. On this page convert USD to NGN using live currency rates as of 31/01/2023 23:50. Includes a live currency converter, handy conversion table, last 7 days exchange rate history and some live Dollars to Nigerian Naira charts. Invert these currencies?How much is $100 in black market today? ›
With our tool we can help you conveniently convert 100 US dollar to naira based on black market rate. According to the recent black market rate 75400 ₦ .What are black market exchange rates? ›
An exchange rate for a currency that differs from the official exchange rate set by a government. The black market exchange rate occurs when the official rate bears little or no relationship to the currency's actual value.How much is $200 dollars in Nigeria? ›
How much is 200 US Dollar in Nigerian Naira? 200 US Dollar is 91186.66 Nigerian Naira.How much is $1000 to naira black market? ›
As of today, 1000 Dollars is N685,000 in black market!How much is 1 dollar in naira 2022? ›
How much is 2022 US Dollar in Nigerian Naira? - 2022 USD to NGN (2022 US Dollar to Nigerian Naira) is 929,919.18 NGN with exchange rate 459.9007 for today.What is the black market exchange rate of naira to dollar? ›
Currently, naira is being exchanged with the dollar at the rate of N743/$1 as at Monday, January 9, 2023 at the parallel market also known as the black market.Why is there a black market in Nigeria? ›
The Central Bank of Nigeria's failure to meet the demands in the official market, has forced many to turn to the black market, causing price hikes. “Our people are selling as they like. It is not their fault; the banks are not giving us dollars anymore.How much is naira in the black market? ›
How Much Is Dollar To Naira Exchange Rate Today?
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
How much is $2000 dollars in Nigeria? ›
2000 US Dollar is 911102 Nigerian Naira.
So, you've converted 2000 US Dollar to 911102 Nigerian Naira. We used 0.002195 International Currency Exchange Rate. We added the most popular Currencies and CryptoCurrencies for our Calculator. You can convert US Dollar to other currencies from the drop down list.
1000 US Dollar = 454446 Nigerian Naira (NGN)How much is $4000 dollars in Nigeria? ›
4000 US Dollar = 1803187 Nigerian Naira (NGN)