Dollar to Naira Today | Dollar ⇆ Naira Exchange Rate » Voice of Nigeria
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
| Market | Dollar ($) | Naira (₦) |
| Black market: | $1 | ₦ 762 |
| CBN rate: | $1 | BUY ₦ 460.05 SELL ₦ 461.05 |
Dollar to Naira Today Exchange rate steadies amid new naira scarcity
The Naira-to-Dollar exchange rate has stabilized at the official foreign exchange market in Nigeria, where a scarcity of the new Naira redesign continues to persist. Despite the weakening level compared to the rate quoted on December 23, 2022, the dollar is still quoted at around N461/$1 at the Investors and Exporters (I&E) forex window, also known as the Nigerian Autonomous Foreign Exchange Fixing (NAFEX).
Recent data from the FMDQ revealed that in the last three trading days, the dollar has traded at N461.50/$1 at the I&E window, but the local currency has appreciated against the dollar, gaining 0.27% (N2) to N752 per dollar, a shift from the previous rate of N754 at the parallel market. Over the course of the year, the Naira has lost 1.86% (N14) as the dollar has traded at the rate of N738 at the first trading day of the year to the current rate of N752/$1 at the unofficial market.
A trader who sells dollars to importers reported that demand for the dollar has slowed due to the scarcity of the new Naira, which has not allowed importers to make more sales. The Central Bank of Nigeria (CBN) rolled out the redesigned Naira on December 15, 2022, with the plan to phase out the old Naira notes by January 31, 2023, but after strong pressure from the Senate and the public, the CBN extended the deadline to February 10, 2023.
A professor of Capital Market at the Nasarawa State University, Keffi, commented on the potential positive impact of the redesigned Naira policy on the exchange rate, stating that the currency redesign is meant to reduce the amount of Naira in circulation, which should reduce the amount of Naira chasing the dollar, especially in the parallel market. Meanwhile, the national president of the Bureau De Change (BDC) Operators Association of Nigeria stated that the market levels have stabilized within the bound of N740/N750 bid and offer rates to the greenback, though the liquidity in the market remains low with high demand pressure.
The CBN’s focus now is to drive all transactions electronically, particularly with the launch of the Afrigo national domestic card payments, aimed at reducing the dominance of Visa and Mastercard for payments. To enhance inclusiveness, targeted actions like no cash withdrawal over the counter and cash only through ATM or POS were introduced, causing queues nationwide at banks’ ATMs. The CBN governor has directed deposit money banks to start over-the-counter payment of the new Naira to customers, with a daily limit of N20,000. The national president of the BDCs suggested that the CBN should consider setting a limit on banks over-the-counter cash payment for the redesigned currency to aid circulation and sensitization. He also emphasized the need for concerted efforts to prepare, collaborate and implement evidenced-based solutions to the perennial FX volatility, as the hegemony of cryptocurrencies poses a challenge.
Last week, Moody’s Investors Service, a global credit rating agency, downgraded Nigeria’s long-term foreign currency and local-currency issuer ratings, as well as its foreign currency senior unsecured debt ratings from B3 to Caa1, and changed the country’s outlook to stable. The agency also lowered Nigeria’s local currency and foreign currency ceilings to B2 and Caa1 respectively, previously from B1 and B3.
Ways to Check Dollar to Naira Today Rates
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 460.05 Nigerian Naira
How much is 10 dollar in naira?
10 United State Dollar is Equal to 4600.5 Nigerian Naira
How much is 20 dollar in naira?
20 United State Dollar is Equal to 9201 Nigerian Naira
How much is 50 dollar in naira?
50 United State Dollar is Equal to 23002.5 Nigerian Naira
How much is 80 dollar in naira?
80 United State Dollar is Equal to 36804 Nigerian Naira
How much is 100 dollar in Naira (nigeria currency)?
100 United State Dollar is Equal to 46005 Nigerian Naira
How much is 150 dollar in naira?
150 United State Dollar is Equal to 69007.5 Nigerian Naira
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Dollar to Naira Today News
On Tuesday, the Nigerian Naira showed a degree of depreciation against the US dollar. The Naira was exchanged at a rate of N461.67 to a dollar at the Investors and Exporters window, indicating a decrease of 0.15% compared to the previous day’s exchange rate of N461.
Within the day’s trading, the open indicative rate closed at N461.25 to the US dollar. The highest rate of exchange recorded during the day’s trading was N462.50 to the dollar, before it later settled at N461.67.
Interestingly, the Naira was also sold for as low as N446 to a dollar during the day’s trading, a clear sign of the high level of volatility and unpredictability in the foreign exchange market.
Despite the fluctuation in the exchange rate, there was a total trading of US$ 68.85 million at the official Investors and Exporters window on Tuesday, reflecting a high level of activity in the forex market.
