The US dollar remains one of the most commonly used currencies in the world, and millions of Nigerians deal with dollars every day. The rate of dollar to naira constantly changes, and here is everything you should know about it.
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1. Why do you need to know the exchange rate?
Some people are only using their country’s own currency and are not particularly interested in its exchange rate to other currencies. Leaving aside that the price of the dollar influences even the prices for the most common goods in Nigeria, there are a few more situations where you need to keep your finger on the pulse of the dollar-naira exchange rate:
- If you are working for a foreign company and are being paid in dollars, you need to know how much money in naira you are going to get once you exchange it.
- When you are shopping online, you will be charged in dollars even when you are paying with a naira debit or credit card, so you might want to hold off your purchase until the exchange rate is in your favour.
- Some Nigerians prefer to keep their savings in dollars, believing it to be the more stable currency, and you need to know the current exchange rate to make sure you are getting as many dollars as possible for the same amount of naira.
2. Current naira-dollar exchange rate
Right now, the official naira to dollar exchange rate is ₦360.00 naira for 1 dollar. This is the rate you will find at the Central Bank of Nigeria. If you cannot get to the nearest CBN, you will likely go to your nearby Bureau De Change, where you will pay significantly more – ₦455 for 1 dollar. Finally, the third place in Nigeria where you can easily exchange any amount of cash is the black market, where the rate of dollar to naira is nearly the same as in the Bureau De Change and equals ₦450 for 1 dollar.
3. Where to check the exchange rate
There are several ways you can check the current naira to dollar exchange rate:
- Websites like BusinessInsider, XE.com, FX-Rate, and others allow you to not only find out how many nairas you need to pay for 1 dollar, but also enter any amount of naira and instantly convert it into dollars and vice versa.
- There are numerous mobile apps, both for Android and iPhone devices, that also allow you to convert any amount of money in addition to learning the current exchange rate. They are particularly useful when you are visiting a Bureau De Change and want to make sure you are getting a fair rate.
- If you open the homepage of Google and type “naira to dollar” into the search bar, you will see the current exchange rate on top of the search results. You can also enter the amount of naira or dollars you want to exchange, for example, “50 dollars to naira” and get the result the same way.
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