1000 dollars to naira - See Forex, Black market and CBN rates
$
1,000
USD
N
NGN
N
NGN
N
NGN
The exchange rates are based on international foreign exchange rates (forex) rates provided by our partner, rates provided by the Central bank of Nigeria and Live NGN / USDT actual rates at Binance.com
See historical rates for 1000 dollars to naira
The data below shows how the exchange rate of 1000 US dollars has been changing in the last 6 months. It shows the amount you would get if you changed 1000 dollars in the last 6 months
See historical rates data for Converting 1000 dollars to naira for the past 6 months
| Month | Rates(NGN) |
|---|---|
What is a Currency exchange rate?
This is the value of one currency when compared to another currency. You can say that the value of 1 USD in Naira is its exchange rate to the Naira. This rate varies from currency to currency and changes regularly due to certain conditions
What can cause exchange rates to change?
Other than the Central bank just changing the rate, other things cause this rate to change. Things like an increase in or decrease in Oil prices (in the case of Nigeria) and insecurity can also have a significant impact on the exchange rate. There are other factors like increased government borrowing and inflation.
Who sets exchange rates?
The central bank of a country will usually set the exchange rate regime for the country. In the case of Nigeria, the Central bank of Nigeria has set the exchange rates of major currencies in a range and then try to ensure the rate stays within that window by making fiscal policies or increasing spending.
E.g. If the CBN intends to reduce the value of the Naira to the USD, it will do things that cause USD to be scarce in the country hence, USD will become more difficult to obtain and this will reduce the value of the Naira and increase the cost to obtain the USD. A good example is the ban on Bureau de Change operators in Nigeria which led to the increase of the USD exchange rate from N380 to N570 to 1 USD within 3 months.
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How to Use the Currency converter
The calculator above converts any amount in 164 currencies of the world including BTC, USD, EURO and GBP. To use the calculator, you first select the currency you want to convert from. Next you put in the amount you wish to convert in the next box and finally, you select the currency you want to convert to. The conversion begins when you click on "Convert Now". You will be able to see the result of the calculation in the box beside "results"
How does the Currency converter work?
The calculator works really well by receiving the details of currencies and amount you input and then performing the required calculation using up-to-date currency exchange data. It is that simple.
Where does the Currency exchange rate data come from?
We source the currency exchange rate data from financial data providers and banks including the European central bank.
How Updated is the Data?
Our live currency exchange data are live and accurate to the last hour. Our historical exchange rate data are accurate and provided as the end-of-day (EOD) rate.