The rate of the Nigerian currency, the naira, has taken the entire world by storm over the past few years. The relatively low value of the currency compared to other global currencies has made it especially attractive for international investors. As of early April, the naira had gained over 300 percent in value over the past 12 months. It seems like the naira has become the go-to currency when investing in Africa. While the currency does have a lot of benefits for international investors, it’s also a huge challenge for Nigerian citizens. If you’re thinking about investing in the country, you should know how to convert 20,000 USD to Naira. In this article, we’ll explain how you can gain access to the Nigerian markets and how to get started with your 20,000 USD investment.
There are many benefits to investing in Nigeria. It’s a country with a large population, high literacy rate and an economy that is rapidly growing. For international investors, the currency is relatively inexpensive and the Nigerian stock market has had an incredible year, posting gains of over 400 percent. If you want to invest in Africa, Nigeria is a great place to start.
It’s important to note that while Nigeria is a very attractive investment opportunity, there are several drawbacks. The country has an unstable government and is still recovering from the Ebola outbreak. It’s also difficult to get any hard data on the market because corruption in the Nigerian market makes it difficult to actually invest.
So, how can you go about converting your 20,000 USD to Nigerian currency? You could use the popular site XE.com to find the current exchange rate from USD to NGN. From there, you would need to know how many naira that converts to in order to determine your investment amount. For example, if the exchange rate was $1 = NGN 274 (as of April 2017), then you would have approximately 556,000 Nigerian currency.
The first step in converting 20,000 USD to Naira is figuring out where you’ll be buying and selling your currency. Unlike other currencies, the naira can only be bought at designated banks or Nigerian airport locations. You cannot buy or sell naira outside of Nigeria.
The easiest way to convert your 20,000 USD to Naira is by going through an international bank that operates in the country. However, this option will come with a relatively high fee. The next best option would be going through a Nigerian bank branch that deals with foreign currency exchange. You’ll also need to figure out when you want to buy the currency; there are different rates depending on what day of the week it is.
It’s hard to invest in a currency you don’t understand. But by understanding the benefits and drawbacks of investing in Nigeria, you can make an informed decision. Converting USD to Naira is easy, and there are several ways to buy and sell Naira.
