The naira has been on a roller coaster ride as of late. The parity rate dropped to 210 against the dollar in the first hours of January 15, 2018. This left a lot of Nigerians scrambling to get their hands on dollars as the rate kept fluctuating. But at the moment, the naira is worth around 320. It’s a normal scenario for the naira but the problem is, the rate is constantly changing. Therefore, it’s not easy for a Nigerian to find out how much their money is worth in dollars. If you’re a foreigner wondering how much money you need to change into naira, this guide is for you. Converting 400,000 Dollars to Nigerian Naira is possible but first, you need to know the basics.
The naira is the Nigerian currency. The official name of the currency is the Nigerian Naira but it is also called the Naira, Nigerian Naira or naira note. One dollar in naira would get you 905.34 nairas.
400,000 dollars would get you 22,321,895.37 nairas at the current exchange rate. Converting 400,000 dollars to naira is not as complicated as it might sound. All you have to do is multiply $USD by 1,000 and you’ll get your answer in naira.
One of the first things you’ll want to know about the naira exchange rate is how it fluctuates. The exchange rate is what the naira would be in terms of another currency. Currently, the naira exchange rate is 320 to a dollar. That means that if you wanted to change $400,000 into nairas, you would need 320 million nairas. If the rate changes, this number will change as well.
The chart below shows the history of the exchange rate between the dollar and naira. You can see that the rate has fluctuated quite a bit in the past few months. The low of 210 occurred on January 15 and the high of 370 was reached on February 10.
If you have $400,000 to spare and you want to change it into naira, here’s how many nairas you’ll get. You have lots of options, but the easiest way is to go to any bank and ask them to exchange your dollars for naira. They are likely to give you a better rate than the street exchangers.
The naira exchange rate is always changing. It’s not easy for a foreigner to keep track of what the rate is at any given moment. The good news is that the exchange rate between the dollar and the naira is very flexible. If you have $400,000 to spare and you want to change it into naira, go to any bank and ask them to exchange your dollars for naira. They are likely to give you a better rate than the street exchangers.
