Convert Naira to Dollar and also see the exchange rate used for the conversion. You will also see the value in dollars of Naira over the past 6 months, links to other quick currency conversions that are popular and a currency exchange calculator with description of how to use the calculator with a description of how to use the calculator. Also included is a little definition of what is an exchange rate and who sets the value of exchange rates
Just input the amount of NGN to convert to USD
The exchange rate of the USD 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. It also does not represent the actual rate you will get if you go to a bank in Nigeria to exchange naira to USD 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 1 Naira has been changing in the last 6 months. It shows the amount you would get if you changed 1 Naira to dollars in the last 6 months
| Month | Rates(NGN) |
|---|---|
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.