– Converting Dollar to Naira –
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 note. It is proper for you to get yourself acquainted with the current exchange rate of Dollar to 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 the United States 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 of services or transactions carried but online and offline.
A hundred Cents makes 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; , Zimbabwe, Canada, East Timor, and Palau.
Converting Dollar to Naira: Important Facts about the Nigeria Naira (NGN)
The Naira is the used by the Federal Republic of Nigeria. The exchange 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 really 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 500
➣ Selling = 1 USD to Naira 508
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 Realtime.
Converting Dollar to Naira: CBN Exchange Rate Today
The of the Dollar to Naira today is 1 USD = NGN 391.1
However, to get the official CBN daily exchange rate of the Dollar to Naira, note. Always check on this web page.
Terms You Should Know about Dollar to Naira Exchange Rate
The exchange rate of the United State Dollar (USD) to Naira differs among financial institutions in Nigeria and various parallel or black market win different states in the country.
However, with respect to this, there are certain terms related to exchange rates you need to know and get yourself familiar with. They are as follows:
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 these Aboki exchangers buy and sell Dollars for Naira is called black market rate
Nigerian Banks Exchange Rates
The Nigerian bank’s exchange rates are actually the exact amount various banks in Nigeria charge your Naira or 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
The buying rate is the amount in Naira that the, 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.
It is important you get yourself acquainted with these terms when you are trying to trade or exchange Dollar to Naira in various financial institutions or money exchangers.
Converting Dollar to Naira: Other Popular Nigerian Naira(NGN) Pairing
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If you will observe the present Dollar to Naira exchange rate and compare it to like a few years back you will quite agree with me that the Nigerian Naira is currently losing its stand.
However, always check on this web page for current information concerning the Nigerian Naira and its United States Dollar counterpart.
Also, you can simply bookmark this page on your browser for future references.
StudentsandScholarship Team.
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