Naira depreciates again

Naira depreciates again

Learn more about the current value of the naira, the exchange rate between dollars and naira (NGN), and the Black Market. Determine the value of one US dollar in Nigerian naira.

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The dollar-to-naira exchange rate is essential for people who engage in commercial or financial operations using both the US dollar and the Nigerian naira.

As you are aware, the exchange rate swings daily due to a number of variables.

Businesses who import or export goods must be aware of the current exchange rate since it influences the price of goods and services.

Companies must monitor the currency rate to ensure their continued market competitiveness.

For investors, the exchange rate is also crucial. A change in the exchange rate can have a major influence on the value of foreign currency or stock assets.

This is why many investors closely monitor the currency rate and alter their portfolios accordingly. Individuals who are aware of the currency rate can also make prudent investments and budget wisely.

The exchange rate has an impact on the cost of travel, including airfare and hotel stays. When planning a vacation, knowing the current currency rate can help tourists budget wisely and make informed selections.

Before making transactions abroad, visitors must be aware of the exchange rate in order to prevent being shortchanged. Anyone who engages in commercial or financial operations involving both the U.S. dollar and the Nigerian naira must monitor the exchange rate.

You need not visit a bank or currency exchange to view the exchange rate. Want to know how to check the exchange rate quickly and easily? Not to worry! Below is an explanation.

Dollar to Naira Today Market

Dollar ($)

Naira (₦)
Black market: $1 ₦ 762
CBN rate: $1 BUY ₦ 460.05 SELL ₦ 461.05
Dollar to Naira Today The exchange rate remains stable despite a new naira shortage.

The Naira-to-Dollar exchange rate has stabilized on Nigeria’s official foreign exchange market, although a shortage of the newly redesigned Naira persists. Despite the dollar’s depreciation relative to the rate quoted on December 23, 2022, the Investors and Exporters (I&E) FX window, also known as the Nigerian Autonomous Foreign Exchange Fixing, still quotes it at roughly N461/$1 (NAFEX).

In the last three trading days, the dollar has traded at N461.50/$1 in the I&E window, however the local currency has appreciated against the dollar by 0.27% (N2) to N752 per dollar, a change from the previous parallel market rate of N754 per dollar. Over the course of the year, the Naira has depreciated by 1.86% (N14) as the dollar’s rate on the unofficial market has decreased from N738 per dollar on the first trading day of the year to the current rate of N752/$1.

A merchant who sells dollars to importers said that the scarcity of the new Naira has delayed demand for dollars, preventing importers from making additional sales. The Central Bank of Nigeria (CBN) introduced the new Naira on December 15, 2022, with the intention of phasing out the previous Naira notes by January 31, 2023. However, due to public and senate pressure, the CBN extended the deadline until February 10, 2023.

A professor of Capital Market at Nasarawa State University, Keffi, commented on the potential positive impact of the redesigned Naira policy on the exchange rate, stating that the currency redesign is intended to reduce the amount of Naira in circulation, which should decrease the amount of Naira chasing the dollar, particularly on the parallel market. The national president of the Bureau De Change (BDC) Operators Association of Nigeria said that market levels have stabilized within the range of N740/N750 bid and offer rates to the U.S. dollar, despite the fact that market liquidity remains low and demand pressure is high.

With the launch of the Afrigo national domestic card payments, which aims to reduce the dominance of Visa and Mastercard for payments, the CBN’s current priority is to drive all transactions electronically. To increase inclusion, targeted measures such as no cash withdrawals over the counter and cash only by ATM or POS were implemented, causing widespread ATM lines. The governor of the Central Bank of Nigeria has instructed deposit money banks to begin over-the-counter payments of the new Naira to consumers, with a daily cap of N20,000. The national president of the BDCs proposed that the CBN consider imposing a cap on banks’ over-the-counter cash payments for the redesigned currency in order to promote circulation and awareness. As the preponderance of cryptocurrencies presents a challenge, he also underlined the necessity for collaborative efforts to prepare, collaborate, and execute evidence-based solutions to the persistent FX volatility.

Moody’s Investors Service, a worldwide credit rating agency, lowered Nigeria’s long-term foreign currency and local-currency issuer ratings, as well as its foreign currency senior unsecured debt ratings, from B3 to Caa1 and revised the country’s outlook to stable last week. The agency also decreased Nigeria’s local currency and foreign currency ceilings from B1 and B3 to B2 and Caa1 respectively.

Ways to Check Today’s Dollar to Naira Rates

Currency Software

To find current conversion rates, I recommend downloading a free software called Currency App. This application can convert more than 180 currencies worldwide and refreshes exchange rates every minute. You can use this software on your mobile device to determine the exchange rate between two currencies at any time and in any location.

2. Internet Search Engine

You may also use a search engine such as Google to discover the exchange rate of a foreign currency. If this is what you wish to accomplish, simply enter the name of the foreign currency together with its desired exchange rate and compare it to the Naira’s value. This will be performed for you automatically.

To determine how many Naira you can purchase with one US dollar, enter “USD to Naira Today” in the search box and press “Enter” on your keyboard. This will give you the value of one currency in the other. The results will be made public as quickly as feasible. The majority of the time, the displayed currency rate is the most current rate available at that time.

3. Official Website of CBN

As a financial services agency, the Central Bank of Nigeria is responsible for both storing and distributing currency. If you visit their official website, you can obtain free information about the various exchange rates for currencies. On the bank’s website, you may get a comprehensive list of the exchange rates for a variety of foreign currencies. This will help you understand currency rates better.

These are some simple methods for determining the current exchange rate. If you are considering transferring money abroad, you may find the information in this article helpful.

How to convert dollars to Nigerian naira and vice versa

If one knows how, converting dollars to Naira is not difficult. The following is a summary of the questions and answers covered in the preceding article. Before deciding to engage in currency trading, it is essential to read the entire article.

To obtain the greatest exchange rate, one must first determine the selling rate of the currency and then select a money changer. This will ensure that the best offer is obtained. As the majority of money exchange locations offer varying exchange rates, one should select the one that provides the greatest exchange rate to maximize their return.

To obtain the greatest exchange rate, it is recommended to first examine the buying rate and then select the money changer. Choose the bank, money exchange, or other location that gives the greatest exchange rate when exchanging currency. This will maximize the value of your investment.

One can exchange US Dollars for Nigerian Naira both inside and outside of Nigeria. However, the majority of people prefer to exchange currency in their own country since it is simpler, there are more options, and the cost is typically lower. Licensed services, banks, airports, and other public locations offer currency exchange services. While traveling, the most secure way to convert currency is through an ATM.

The bank can convert dollars to Naira, although the exchange rate is typically inferior to that of a money changer. Typically, banks require identification.

If money changers have formal authorization, exchanging currency with them is secure. It should be investigated which bank offers the best exchange rate. Determine whether the Nigerian Naira exchange rate tends to climb or decline. If one is skilled with numbers, they can also evaluate the differences between the Naira’s exchange rate and those of two other currencies. To convert Naira to US Dollars, one must first convert Naira to euros and then convert euros to dollars at a rate of their choosing.

Check the buying rate and then choose a money changer for the best bargain. This will aid in obtaining the greatest price. As each bank, money changer, and other sort of money changer typically gives a different exchange rate, select the one that affords the greatest opportunity for profit.

FAQ Dollar to Naira
What is 1 dollar worth in naira?

1 US Dollar Equivalent to 460.05 Nigerian Naira

How many naira are 10 dollars worth?

10 US Dollars is equivalent to 4600.50 Nigerian Naira.

How many naira are 20 dollars worth?

Twenty U.S. Dollars are Equal to 9,201 Nigerian Naira

How many naira are 50 dollars worth?

50 US Dollar is equivalent to 23002.5 Nigerian Naira.

How many naira are 80 dollars worth?

80 US Dollar are equivalent to 36804 Nigerian Naira

How much is one hundred dollars in Nigerian Naira?

100 US Dollars is equivalent to 46005 Nigerian Naira.

How many naira are 150 dollars worth?

150 US Dollar equals 69007.5 Nigerian Naira

We appreciate you visiting VoiceofNigeria for the most recent Dollar to Naira conversion rate information.

We are committed to providing daily updates on the current dollar-to-naira exchange rate because we recognize the significance of this data for our readers.

We attempt to deliver the most trustworthy information since we are aware of its significance to businesses, investors, travelers, and individuals.

The confidence placed in us by our readers is a constant source of motivation for our team. Knowing that we provide a valuable service to our readers motivates us to work diligently every day.

We are proud that people rely on us for accurate and trustworthy information regarding the current dollar to naira exchange rate.

Dollar to Naira Current Events

Tuesday witnessed a devaluation of the Nigerian Naira against the US dollar. At the Investors and Exporters window, the exchange rate for the Naira was N461.67 per dollar, a fall of 0.15 percent from the previous day’s rate of N461.

The open indicative rate for the day’s trade concluded at N461.25 per US dollar. The highest exchange rate reported throughout the trading day was N462.50 per dollar, before settling at N461.67.

Interestingly, the Naira traded as low as N446 per dollar throughout the day’s trading, a strong indication of the foreign exchange market’s volatility and unpredictability.

Despite fluctuations in the currency rate, Tuesday’s overall trading volume at the official Investors and Exporters window was US$ 68.85 million, indicating a robust level of activity on the foreign exchange market.

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