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The exchange rate is based on international foreign exchange rates (forex) rates provided by our partner.
Please note that this rate does not represent black market rates or actual rates provided by the Central bank of Nigeria if you convert 1000 naira to USD. It also does not represent the actual rate you will get if you go to a bank in Nigeria to exchange USD to Naira or vice versa
To see possible rates you might get for the US dollar to naira at some of the Nigerian Banks, visit NGNRates here
The data below shows how the exchange rate of 1000 Naira to the dollar has been changing in the last 6 months. It shows the amount you would get if you changed 1000 Naira to dollars in the last 6 months
| Month | Rates(USD) |
|---|---|
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
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.
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.
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"
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.
We source the currency exchange rate data from financial data providers and banks including the European central bank.
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.
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