When exchanging money between different currencies, the exchange rate, or rate of exchange, plays a big role. This is because exchange rates will determine how much of each currency you get. The higher the rate, the more of that currency you get. Conversely, the lower the rate, the less of that currency you get.
For example, if you have dollars (USD) and you want to exchange them for naira (NGN), you can do that at the current exchange rate. This means that if you have $1 and you want to exchange it for 100 naira, the rate is 100 naira to the dollar. Conversely, if you have 100 naira and you want to exchange it for $1, the rate is 100 naira to the dollar.
The Nigerian currency exchange rate is currently 65 naira to the dollar. This means that 100 naira equals $1 USD or you can get 1,000 naira for $10 USD.
The Nigerian exchange rate is important for many reasons, but it is especially important for travelers and businessmen in Nigeria. The Nigerian currency exchange rate will determine how much money you'll need to visit or do business in Nigeria.
For example, if the Nigerian currency exchange rate is NGN65/USD1 and you want to visit Nigeria, then you'll need $65 USD to spend in Nigeria. Conversely, if the rate is NGN70/USD1 and you want to conduct business in Nigeria, then you'll need $70 USD to spend in Nigeria.
The easiest way to exchange USD for NGN is with PayPal. You can use PayPal's Nigerian Naira currency conversion tool to convert your U.S. dollars into Nigerian Nairas.
First, log in to your PayPal account and select the "Send Money" tab from the menu at the top of the screen.
Next, add your recipient email address and amount of US Dollars you want to send them (e.g., $100) in the designated space, then click "Continue."
Under "Payment," select "Naira (NGN)" as your currency of choice and enter their email address again in the required field.
Once you've confirmed your details, click on "Continue." You'll be taken to a confirmation screen that will show how much money you're sending and what it will be converted into (Nigerian Naira). Click "Confirm" to complete the transaction.
Let's say you're in Nigeria and you want to exchange your Nigerian currency for US dollars. You can do this by going to the money changer, flocking to an ATM, or buying from a forex dealer.
If you're not sure where to go, it might be easiest to change at the nearest bank. One way you could do this is by going into your bank and exchanging some of your money with them. They'll then give you cash that's in US dollars.
Another option would be using an ATM. This is a good option because it makes it easy for someone who is traveling internationally because they can just withdraw the money without actually changing their currency. But this may not be as helpful if you want small denominations like 100-dollar bills because many banks only allow withdrawals up to $500 per day, which is approximately 2,500 naira (NGN).
Finally, forex dealers are another option if you're looking for smaller denominations of US dollars or if you want more options than what banks offer. Forex dealers will often offer a selection of larger denominations as well as smaller ones, so it may be worth checking with them before choosing which one to use for your exchange.>>END>>
The exchange rate between the Nigerian Naira (NGN) and the United States Dollar (USD) has been quite volatile in recent years, going from a high of NGN360 to a low of NGN318 in 2012, and back up to NGN325 in 2013. When exchanging currency, it's important to do so at an exchange rate that benefits both you and the Nigerian economy. Be sure to take into account any potential fluctuations in the exchange rate when calculating how much money you will need for your trip.
As the value of the Naira has increased, so too has the number of Nigerians who are traveling abroad. This has created a demand for foreign currency, so it is important to keep up with the current exchange rate. The best way to do this is by using an online currency converter or talking to a financial advisor.
When you are ready to exchange your money, please consider using a financial institution that will be able to provide a competitive rate for you and your country.