Nigerian naira to United States dollars today
Convert NGN to USD at the mid-market exchange rate. Compare the best money transfer providers and find the cheapest way to send money.
Exchange Rate Trend
NGN to USD Conversion Table
Convert NGN to USD
| NGN | USD |
|---|---|
| ₦1 | $0.00 |
| ₦5 | $0.00 |
| ₦10 | $0.01 |
| ₦25 | $0.02 |
| ₦50 | $0.03 |
| ₦100 | $0.07 |
| ₦500 | $0.34 |
| ₦1,000 | $0.68 |
| ₦5,000 | $3.40 |
| ₦10,000 | $6.80 |
Convert USD to NGN
| USD | NGN |
|---|---|
| $1 | ₦1,470.1991 |
| $5 | ₦7,350.9953 |
| $10 | ₦14,701.9906 |
| $25 | ₦36,754.9766 |
| $50 | ₦73,509.9532 |
| $100 | ₦147,019.9065 |
| $500 | ₦735,099.5325 |
| $1,000 | ₦1,470,199.065 |
| $5,000 | ₦7,350,995.3248 |
| $10,000 | ₦14,701,990.6495 |
About the Nigerian Naira (NGN)
The Nigerian Naira (NGN) is the currency of Africa's largest economy. It is managed by the Central Bank of Nigeria and is heavily influenced by oil exports, which account for most of Nigeria's foreign exchange earnings.
Key Factors That Influence NGN
- Oil prices and production
- CBN exchange rate policy
- Diaspora remittances
- Foreign investment flows
- Inflation and monetary policy
About the US Dollar (USD)
The United States Dollar (USD) is the world's primary reserve currency and the most traded currency globally. It is issued by the Federal Reserve and is used as the benchmark for commodities like oil and gold.
Key Factors That Influence USD
- Federal Reserve interest rate decisions
- US employment data and GDP growth
- Inflation rates (CPI)
- Global risk sentiment and safe-haven demand
- Trade balance and current account
Understanding the NGN/USD Exchange Rate
The NGN/USD exchange rate tells you how many United States dollars you get for 1 Nigerian Naira. This is the mid-market rate, which is the real exchange rate without any markup from banks or money transfer services.
When sending money from Nigerian Naira to US Dollar, always compare providers to find the best rate. Different services charge different fees and offer different exchange rates, so comparing can save you money on international transfers.
The exchange rate between NGN and USD fluctuates based on supply and demand in the foreign exchange market. Economic data releases, central bank announcements, and geopolitical events can all cause significant movements in the rate.
Tips for Getting the Best NGN to USD Rate
Whether you're sending money abroad, paying for goods in a foreign currency, or traveling, getting a good exchange rate can save you significant money. Here's how to maximize your USD:
- Compare the mid-market rate: The rate shown on this page is the real exchange rate. Compare any rate you're offered against this to see the true markup.
- Avoid banks and airports: Traditional banks typically charge 3-5% markup, while airport exchanges can charge 10% or more. Online specialists offer much better rates.
- Use specialist money transfer services: Services like Wise, OFX, and Remitly offer rates much closer to the mid-market rate than banks.
- Check total costs, not just rates: Some providers advertise great rates but charge high fees. Always compare the total amount you'll receive.
- Time your exchange: Rates fluctuate constantly. If your transfer isn't urgent, monitor rates and exchange when they're favorable.
- Consider rate alerts: Many services let you set alerts for when the NGN/USD rate reaches your target level.
How NGN/USD Exchange Rates Work
Exchange rates are determined by supply and demand in the global foreign exchange (forex) market, the largest financial market in the world with over $6 trillion traded daily.
Floating vs Fixed Rates: Most major currencies like NGN and USD have floating exchange rates, meaning their value is determined by market forces. Some currencies are pegged to another currency (usually USD) at a fixed rate.
Bid and Ask Prices: In forex markets, currencies are quoted with a bid price (what buyers pay) and ask price (what sellers receive). The mid-market rate shown on this page is the midpoint between these two prices.
Rate Fluctuations: The NGN/USD rate can change every second during trading hours. Major economic announcements, interest rate decisions, and geopolitical events can cause significant moves in either direction.
Frequently Asked Questions About NGN/USD
How do I convert NGN to USD?
To convert NGN to USD: (1) Enter the amount in NGN you want to convert in the calculator above. (2) The calculator will automatically show the equivalent in USD using the live mid-market rate. Current rate: 1 NGN = 0.0007 USD. For the best rates when transferring money, compare providers like Wise, Remitly, and OFX.
What is 1 NGN in USD today?
1 NGN equals 0.0007 USD as of today. This is the mid-market exchange rate, which is the real rate without any bank markup. Rates fluctuate constantly based on market conditions, so check back regularly for updates.
Is the NGN going up or down against USD today?
The NGN/USD exchange rate fluctuates throughout the day based on market conditions. Today's rate is 1 NGN = 0.0007 USD. Check our historical chart above to see the trend over the past day, week, month, or year to understand whether NGN is strengthening or weakening against USD.
What is the best time to buy USD with NGN?
The best time to exchange NGN to USD depends on market conditions. Generally, rates tend to be more favorable during overlapping trading hours between major financial centers (London, New York, Tokyo). Avoid exchanging during weekends or bank holidays when spreads may be wider. Use our historical chart to identify trends and consider setting up rate alerts.
Why is NGN falling or rising against USD?
Exchange rates between NGN and USD are influenced by: interest rate differentials between central banks, inflation rates, GDP and economic growth data, trade balances, political stability, and global market sentiment. Major announcements from the Federal Reserve, ECB, or other central banks can cause significant short-term movements in the NGN/USD rate.
How can I get the best NGN to USD exchange rate?
To get the best NGN/USD rate: (1) Compare rates from multiple providers - banks typically charge 3-5% markup. (2) Use specialist services like Wise, Remitly, or OFX which offer near mid-market rates. (3) Avoid airport and hotel exchanges which have the highest markups. (4) Check for hidden fees in addition to the exchange rate. (5) Consider a multi-currency account for frequent exchanges.
What is the mid-market rate for NGN/USD?
The mid-market rate (also called the interbank rate) is the midpoint between buy and sell prices in global currency markets. The current mid-market rate is 1 NGN = 0.0007 USD. This is the "real" exchange rate without any bank markup. Compare any rate you're offered against this mid-market rate to see the true cost of your exchange.
What is the CBN rate for NGN/USD?
The CBN (Central Bank of Nigeria) rate is the official exchange rate set by Nigeria's central bank. This rate is used for official government transactions and some regulated business dealings. However, the parallel market rate, which reflects actual supply and demand, is often significantly different and is the rate most Nigerians encounter in daily currency exchanges.
Why is there a difference between CBN and parallel market rates?
The gap between CBN and parallel market rates exists due to foreign currency supply restrictions, high demand for foreign exchange, and limited access to official channels. The parallel market (sometimes called "black market") operates based on actual market forces, while the CBN rate is controlled by the central bank.
Which rate do money transfer services use for NGN?
International money transfer services like Wise, Remitly, and Western Union typically offer rates between the CBN and parallel market rates. The exact rate varies by provider. Use our comparison tool to see the actual NGN amount you'll receive from each provider, which accounts for both the exchange rate and any fees.