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US Dollar To Nigerian Naira Exchange Rate
$USD 🇺🇸 → ₦NGN 🇳🇬

Central Bank (CBN) Official Rate

US Flag

Buy Rate: Nigerian Flag ₦ 1,478.69 Naira

Sell Rate: Nigerian Flag ₦ 1,479.69 Naira

Last Updated: May 23rd, 2024 @ 11:22AM

The Central Bank (CBN) Official exchange rate today is ₦ 1,478.69 if you want to change your Dollar to Naira (you get ₦ 1,478.69 for every dollar you sell), and ₦ 1,479.69 if you want to change your Naira to Dollar (you pay ₦ 1,479.69 for every dollar you buy).

International Foreign Exchange (Forex) Rate

US Flag

Buy Rate: Nigerian Flag ₦ 1,468.46 Naira

Last Updated: May 26th, 2024 @ 4:04PM

The International Foreign Exchange (Forex) exchange rate today is ₦ 1,468.46 if you want to change your Dollar to Naira (you get ₦ 1,468.46 for every dollar you sell).

Black Market (Aboki) Rate

US Flag

Buy Rate: Nigerian Flag ₦ 1,490.00 Naira

Sell Rate: Nigerian Flag ₦ 1,520.15 Naira

Last Updated: May 25th, 2024 @ 4:04PM

The Black Market (Aboki) exchange rate today is ₦ 1,490.00 if you want to change your Dollar to Naira (you get ₦ 1,490.00 for every dollar you sell), and ₦ 1,520.15 if you want to change your Naira to Dollar (you pay ₦ 1,520.15 for every dollar you buy).

Nigerian Naira to US Dollar
₦NGN🇳🇬→ $USD🇺🇸

Naira
🇺🇸USD
$0.0006843255
US Dollar

What is Buy Rate?


The buy rate is the exchange rate you receive when you sell your dollar. Although dollars may be scarce, buyers typically purchase dollars at a lower rate than they sell them. This allows buyers to make a profit when they resell the dollars at a higher rate.

What is Sell Rate?


The sell rate is the exchange rate you get when you buy a dollar or exchange your Naira for dollars. This rate is usually not favorable to the buyer of dollars due to the abundance of Naira and the scarcity of dollars.

What Central Bank (CBN) Exchange Rate?


The official exchange rate set by the Central Bank of Nigeria (CBN) represents the value at which the central bank will buy and sell the Nigerian naira for foreign currencies, primarily the US dollar. This rate is crucial for various economic activities, including international trade, foreign investment, and government financial operations. The official exchange rate is typically determined by the CBN through its monetary policies and foreign exchange management strategies to maintain economic stability and control inflation.

  • Purpose: The official rate is used to stabilize the currency, control inflation, and manage the country’s foreign exchange reserves. It is also used for governmental transactions and for determining the economic policies of the country.
  • Determination: It is influenced by the CBN’s monetary policy, international economic conditions, and the supply and demand for foreign currencies within the regulated market.

What Foreign Exchange (Forex) Rate?


The foreign exchange rate at which banks trade currencies among themselves and with large corporations, often referred to as the interbank exchange rate, is an important mechanism in the global financial system. This rate is typically very close to the official exchange rate set by a country’s central bank, but it can fluctuate more frequently based on immediate market conditions.

  • Purpose: Used for large-scale financial transactions, international trade, currency trades and by businesses for importing goods and services.
  • Determination: Determined by the interbank market based on real-time supply and demand, but influenced by the CBN’s interventions and policies.

What Black Market (Aboki) Exchange Rate?


The parallel market rate, also known as the black market rate, is the exchange rate at which currencies are traded outside of officially regulated financial institutions. This market operates unofficially and often has significant discrepancies compared to the official exchange rates set by central banks.

  • Purpose: Individuals and businesses often use the black market rate when they cannot access foreign currency through official channels due to restrictions, shortages, or regulations imposed by the CBN.
  • Determination: Driven purely by market forces of supply and demand, often reflecting a higher exchange rate due to scarcity of foreign currency in the official market. The black market rate can be more volatile and is influenced by economic instability, speculation, and regulatory limitations.

What Is the Nigerian Naira Symbol?


The symbol for the Nigerian Naira is “₦”. This symbol represents the currency of Nigeria, the Naira, abbreviated as NGN. The Naira symbol “₦” is characterized by a capital ‘N’ with two horizontal lines running through it. These lines are similar to those found in the dollar sign “$” or the euro sign “€”, signifying it as a currency symbol.

On digital platforms and in typesetting, the Naira symbol can be created using Unicode U+20A6. In HTML, it can be represented by ₦ or &8358;.

The Naira is the official currency of Nigeria, introduced in 1973 to replace the Nigerian Pound. It is subdivided into 100 Kobo. The symbol “₦” is widely recognized within Nigeria and among global financial markets dealing with Nigerian currency.

Example of Usage:
  • In a Nigerian market, you might see prices listed as:
    • Bread: ₦500
    • Rice (per kg): ₦300
    • Transportation fare: ₦100

Like other currency symbols, the Naira symbol helps to quickly identify the monetary unit in question. For instance:

      • Dollar (USD): $
      • Euro (EUR): €
      • Pound Sterling (GBP): £

The Naira symbol is included in most modern fonts and is easily accessible on digital devices. On a Windows computer, it can be typed by holding down the Alt key and typing 8358 on the numeric keypad.

What Is the US Dollar Symbol?


The symbol for the US Dollar is “$”. This symbol is widely recognized and used globally to represent the currency of the United States, which is abbreviated as USD. The dollar symbol “$” is characterized by an ‘S’ with one or two vertical lines through it.

The version with one line is more common. The exact origin of the symbol is debated, but it is believed to have evolved from the Spanish peso, which was marked as “PS” and gradually simplified into “$”.

On digital platforms and in typesetting, the dollar symbol is universally included in most fonts and keyboard layouts. In HTML, it can be represented by $.

Example of Usage:
  • In a US market, you might see prices listed as:
    • Bread: $2.50
    • Rice (per lb): $1.20
    • Transportation fare: $3.00
  • Like other currency symbols, the dollar symbol helps to quickly identify the monetary unit in question. For instance:
    • Euro (EUR): €
    • Pound Sterling (GBP): £
    • Japanese Yen (JPY): ¥
  • The dollar symbol is included in all modern fonts and is easily accessible on digital devices. On a standard keyboard, it can be typed by pressing the Shift key and the number 4 key.

Naira Banknotes & Coins

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US Dollar Banknotes & Coins

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