Convert Dollar to Naira 2018 ~ Current Exchange Rate of 1 USD to NGN Today (Black Market & CBN), Abokifx Rate Today, FX Rates and so on.
Dollar to Naira Exchange Rate Today Black Market.
Buying = N362.
Selling = N364.
CBN/Official Exchange Rate of Dollar to Naira Today.
Buying = N305.85.
Selling = N306.85.
If you want to know how the Nigerian currency Naira is performing today against other hard currencies like the US dollar ($), European Pounds (€) and Euro (£) in the black market and CBN exchange rate. Here is a complete article on naira to dollar (usd) rates.
Here you can also learn how to convert dollar to naira (ngn). Something like how much is dollar to naira today May 2018. I am sure that’s one of the most asked questions right now in the country because of the economic situation which is affecting everyone in one way or the other.
How Much is Dollar to Naira (Convert USD to Naira) Today.
Below are the daily updated exchange rate dollar to naira today. It will help you convert 1 dollar to naira easily.
Dollar to Naira Bank Rate Today.
Buying = N305 – 320 Naira.
Selling = N367 – N400. This varies with banks.
Western Union Dollar to Naira Rate.
Sending = N373.
Receiving = N353.23.
Money Gram Dollar Naira Rate.
Sending = N375.
Receiving = N349.68.
current dollar to naira exchange rate in black market. You can also check Euro to Naira rate today in the black market and interbank
Numerous Nigerians have been asking these questions for years following the weakening of the Naira. The drop in value of Nigerian currency was visible to my fellow country men around late 2015.
This visibility was as a result of hike in price of goods and services like food stuffs, fuel and some other daily needs.
It became compulsory for importers, exporters, online shoppers, freelancers, stock and forex traders to be able to convert 1 dollar to naira using the current dollar rate to naira.
Confusing Terms (FAQs) About USD to Naira Exchange Rate Explained.
Price of dollar to naira changes with different financial institutions and platform. Therefore there are some terms concerning exchange rate that i need to familiarize you with.
i.) Exchange Rate Dollar to Naira.
This is the equivalent amount of 1 dollar in Naira. As at the time of writing this article, 1 dollar = 361 Naira. Therefore exchange rate dollar to naira is 361 Naira.
The same thing go for terms like dollar to naira, 1 dollar to naira today, convert usd to naira.
But when it goes like exchange rate of naira to dollar, then it is the other way round. They expect you to convert 1 Naira to dollar. Which is 1/361 = 0.00277 dollar.
But here in Nigeria, nobody cares about the construction of the statement. Naira to dollar and dollar to naira means the same thing.
ii.) Black Market Exchange Rate.
This can be use interchangeably with aboki fx rate. It is the exchange rate of 1 usd to naira on the street.
Black market agents are mostly Abokis. So the rate they buy and sell dollar in exchange for naira is called black market rate.
iii.) CBN Rate.
CBN is an acronym for Central Bank of Nigeria. CBN rate is the amount in Naira they are buying or selling 1 dollar. Parallel market rate can be used in its place.
iv.) Bank Rate.
Sometimes refer to as Nigerian bank exchange rate. It is how much Nigerian banks will charge your naira master or visa card when you use it to purchase something on foreign sites that operates in dollar.
This rate varies with different banks in Nigeria but usually higher than cbn rate and lower than black market rate. Though it can be the same or even higher for some banks.
v.) Buying & Selling Rate.
I keep saying buying and selling right?
Well buying or buy rate is the amount in Naira cbn, abokis, western union, moneygram or banks will give you for 1 dollar.
Selling or sell rate on the other hand is how much in naira banks, cbn, western union, moneygram or aboki will collect/charge you for a dollar. This rate is always higher than the buy rate.
It is vital you know and understand all these terms while converting dollar to naira on different financial platforms.
Looking back at the dollar naira exchange rate history, it shows the NGN has not been doing great. The rate was 1 $ = N 1 in 1988, 1 $ = N21.89 in 1999, today (2018) the rate is 1$ = 361 Naira.
Currently, 1 USD = 361 Naira.
1000 dollars to naira = 361 x 1000 = 361,000 Naira.
100 dollars to naira = 361 x 100 = 36,100 Naira.
How does that happen and affect Nigerians? Continue reading.
How Depreciating Value of Naira Against Dollar is Affecting Nigerians (Home & Abroad).
In my own personal opinion, Nigeria’s current economic problem arises as a result of having only one major exportable product, which is petroleum. Our economy is affected every time oil price falls per barrel in the world market.
If we can diversify and develop our Agricultural sector again, IT industries and Chemical industries to a major sector managed by the Federal Government competent private companies.
There is high probability inflation will reduce and dollar naira exchange rate will be more favorable for an average Nigerian. Let’s take a look at some of those effects.
Fall in the value of Naira is an unfavorable circumstance for the importers. Since what used to cost them N100,000 to import into the country now cost N200,000 naira.
These will leads to increase in selling price which might makes people refuse to buy and in turn hurts their sales.
If they continue like this, their business might collapse on the long run. This is one of the con of the current naira exchange rate.
A perfect example of the how the depreciating naira is affecting Nigerians is the payment for Hajj in 2016 and 2017. Hope it won’t happen again in 2018.
Some Muslim brothers and sisters are finding it difficult to complete the final stage of Pillars of Islam because of unfavorable dollar naira exchange rate in various Nigerian banks.
Since not quickly mitigated, it also affected the Jerusalem Pilgrims and citizens that intend travel for Christmas or New year’s vacation at the end of the year.
3.) School Fees Payment.
Another bad effect of the current weakening of Nigerian naira is the increment in the expenses of Nigerian parents with kids abroad. They have to change lot of Naira to few Dollars to carter for the needs of their wards outside the country.
4.) Other effects of a rising dollar and falling naira is on Nigerian stock markets, SMEs collapsing on the long run etc.
Factors Influencing How Much is Dollar to Naira Today.
1.) Political Instability.
Nigeria’s current political instability caused by crisis among political parties, Terrorism in the Northern part of the country, extremely low daily power supply etc are driving away foreign investors.
Investors from foreign countries look for stable countries with strong economic performance to invest their capital.
If foreign investors can settle in Nigeria, they will have to trade in our local currencies which means they will have to buy Naira with their Dollar and in turn increases the value of Naira.
2.) Importation and Exportation.
As i said earlier in this article, Petroleum takes more than 3/4 of our exporting products, leaving just about 20% for agricultural products, chemicals etc.
On the other hand, Nigeria imports about anything possible to the country which increases the demand for dollar and then depreciation of Naira. Higher importation and lower exportation is not good for any economy, Nigeria included.
Nigeria as a country need to produce more exportable products and reduce the percentage of importation.
3.) Free Fall of Oil Price.
Since Nigeria depends solely on the revenue generated from oil exportation, our economy is affected anytime there is fall in oil price in the world market.
This alone shapes Nigerian exchange rate. Naira Dollar exchange rate today is highly affected by fluctuating price of oil per barrel in the world market.
4.) Other USD ($) to NGN (N) exchange rate influencing factors are Government policy, Nigerians obsession with foreign products, Inflation, Public debt and Current-Account deficits.
History Of Naira, The Nigerian Currency
Banknotes. On January 1, 1973, the Central Bank of Nigeria introduced notes for 50 kobo, 1, 5, 10 and 20 naira. The 50 kobo notes were last issued in 1989. … It is a shimmery gold colour showing 1000 naira.
The official currency, currently used in Nigeria is called the Nigerian Naira, which was subdivided into 100 Kobo.
Before the introduction of the Nigerian Naira and Kobo, which was in the year 1973, the pound was the currency of Nigeria and was used between 1907 and 1973. Prior to this time, Nigeria had used various forms of money including cowries and manilas.
It was not until the year 1958 that Nigeria used the British West African pounds that it issued its own currency. The pounds was subdivided into 20 shillings, each of which was 12 pences. Back then, the Nigerian pounds was at parity with the British pounds with easy convertibility. It was replaced with the introduction in 1973 of the decimal naira at a rate of 1 pound = 2 naira. This new change made Nigeria the last country to abandon the £sd currency system.
In 1959, coins were issued in denominations of ½, 1, 3 and 6 pence respectively and in 1 and 2 shillings. The ½ and 1 penny coins were bronze and holed. The 3 pence coin which was minted in nickel-brass was a smaller version of the distinctive twelve sided three penny bits that was used in the UK, Jersey and Fiji.
There was emergency issues made by the government in the year 1918 presenting denominations of 1, 10 and 20 shillings. By 1959, the Central Bank of Nigeria introduced notes in denominations of 5 and 10 shillings, including 1 and 5 pounds.
Three series of notes were issued, in 1958, 1967 and 1968 respectively.
Nigerian Currency Symbol and Sign
Following the introduction of new currency – the Naira and Kobo as the legal tender in 1973, the Kobo was the first to be widely used in the country. There was certain unique symbols and signs that distinguished the currency.
- The Naira has the sign ” ₦ ”
- The Kobo was signed ”K”
There was five denominations of the Kobo which were 1/2k, 1k, 5k, 10k and 25k in 1973 and by the year 1989, the 50K and N1 notes were changed to coins.
Today in Nigeria, the Kobo coins have been phased out because its value can no longer purchase items in the country’s marketplace.
The Naira and Naira Sign
The Nigerian Naira, code “NGN” and signed with the symbol “₦” was released in notes in the year 1973 which included the four different denominations: ₦1, ₦5, ₦10 and ₦20.
Introduction of Major Naira Notes
- In the year 1991, the ₦50(naira) note was not introduced to the country.
- After this was followed by the introduction of the ₦100(naira) note wad introduced in 1999.
- The 200 naira note came into existence in the year 2000.By 2001, 500 naira notes were introduced.
- And final, the Nigerian Naira highest denomination ₦1000 note was released on October 12, 2005.
Along the line, some notes were subsequently phased out, others were redesigned.
The Worth of Nigerian Naira
By the time the naira was introduced on 1 January, 1973 to replace the pound, it was at a rate of 2 naira = 1 pound. And by the year 2008, there was a plan to redenominate the naira at 1 new naira = 100 old naira but the plan was suspended.
There has been a rampant occurence of inflation in Nigeria over the existence of naira.
The Central Bank of Nigeria increased key interest rate for 6 times, rising from 6.25% to 12% in 2011 and on 31 January 2012 decided to maintain the key interest rate at 12%, to reduce the impact of inflation as a result of the reduction in fuel subsidies.
On 20 June 2016, the naira was allowed to float, after being pegged at 197 to the US dollar for several months.
As of now, the official rate of the US dollar to the Nigerian naira is 1 US dollar = 314.7500 Nigerian nairas. Naira exchange rate in black market is unstable and excessively high. As at the time of this writeup, 1 US dollars is equivalent to 506 Naira in black market, lagos rate.
That’s all folks on how much is exchange rate of dollar to naira cbn and black market 2018.