Converting Dollar to Naira Exchange Rate January 2024 Latest Update
Are you interested in the dollar market and do you want to know how Converting Dollar to Naira works? are you also interested in the FOREX market? Or do you conduct online payment transactions? If yes, then read this deeply.
It is proper for you to get yourself acquainted with the current exchange rate of the Dollar to the Naira. Also, you should have a reliable knowledge of the exchange rate of both the black market and the CBN. And that is why this article is pertinent.
Converting Dollar to Naira: Facts About Dollar (USD)
The United States Dollar (USD) is unarguably one of the strongest currencies in the world today. It is accepted in most parts of the world as a means of payment for services or transactions carried out online and offline.
A hundred Cents make up a Dollar, and the symbols of Cent and Dollar respectively are (¢) and $. The code for the United States Dollar is USD.
Some other countries also make use of the Dollar as their official currency but their value and exchange rates are quite different from that of the United States Dollar. Examples of such countries include; Ecuador, Zimbabwe, Canada, East Timor, and Palau.
Important Facts about the Nigeria Naira (NGN)
The Naira is the currency used by the Federal Republic of Nigeria. The exchange rate of Nigeria Naira is experiencing a reduction in Value at the moment.
However, before now it has maintained a stand of being one of the strongest currencies in Africa during the 20th century.
In the present 21st century especially in recent times, things have changed negatively.
The foreign exchange rate of the Nigerian Naira has been on the decline at an alarming rate. One hundred Kobo makes up a Naira and the symbol for the Naira is ₦, while the code is simply written as NGN.
How Much Is Dollar To Naira Exchange Rate Today?
The United States Dollar to Nigerian exchange rate today in the parallel market is quite different from the official CBN rate. We shall be giving you daily updates of both dollar rates on this page. Look at them below:
Exchange Rate of Dollar to Naira in Black Market Today
The Nigeria black market dollar exchange rate today to the Nigerian Naira is as follows:
Buying = 1 USD to Naira is 1200
Selling = 1 USD to Naira is 1210
This is the current price as updated today, you can always check this spot for daily updates (or periodic updates) because they are done in real-time.
What is CBN Naira to Dollar Exchange Rate Today?
The current CBN exchange rate of the Dollar to Naira today is 1 USD = N900
However, to get the official CBN daily exchange rate of the Dollar to Naira, note. Always check on this web page.
Converting Dollar to Naira: Black Market Exchange Rate
The black market, Aboki change rate, or parallel market can be used interchangeably as they all mean the same thing. This is the exchange rate you will get from Aboki exchangers within the streets.
They are found in almost all major cities in Nigeria. The rate at which Aboki exchangers buy and sell Dollars for Naira is called the black market rate
What Are Nigerian Bank’s Exchange Rates?
The Nigerian bank’s exchange rates are the exact amount various banks in Nigeria charge your Naira Master or Visa Card when you use it to buy products or services on foreign sites that only trade in Dollars.
However, these rates vary among banks and they are usually higher than CBN rates.
Buying and Selling Rate for Naira and Dollar
The buying rate is the amount in Naira that the Central Bank of Nigeria, Western Union, MoneyGram, Nigerian Banks, or Aboki exchangers will give you for 1 Dollar.
The selling rate, on the other hand, is the rate all the above-mentioned institutions will sell a Dollar to you when you pay in Naira. The selling rate is always higher than the buying rate.
You must get yourself acquainted with these terms when you are trying to trade or exchange Dollars for Naira in various financial institutions or money exchangers.
However, always check this web page for current information concerning the Nigerian Naira and its United States Dollar counterpart.
CSN Team.
