Dollar Naira Exchange Rate Today From Abokifx July 2019

Convert Dollar to Naira 2019 Current Exchange Rate of 1 USD to NGN Today (Black Market & CBN), Abokifx Rate Today, FX Rates too thus on.

Dollar Naira Exchange Rate Today AbokiFX Black Market.

Buying = N358.

Selling = N360.

CBN/Official Exchange Rate of Dollar to Naira Today.

Buying = N304.85.

Selling = N305.85.

If y'all desire to know how the Nigerian currency Naira is performing today against other hard currencies similar the U.S. dollar ($), European Pounds (€) too Euro (£) inwards the dark marketplace position too CBN exchange rate. Here is a consummate article on naira to dollar (usd) rates.

Here y'all tin dismiss too acquire how to convert dollar Naira (ngn). Something similar how much is dollar to naira today May 2018. I am sure as shooting that’s ane of the most asked questions correct directly inwards the province because of the economical province of affairs which is affecting everyone inwards ane way or the other.

How Much is Dollar to Naira (Convert USD to Naira) Today.

Below are the daily updated central charge per unit of measurement dollar Naira Exchange Rate today. It volition assist y'all convert 1 dollar to naira easily.

Dollar to Naira Bank Rate Today.

Buying = N305 – 320 Naira.

Selling = N367 – N400. This varies amongst 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 central charge per unit of measurement inwards dark market. You tin dismiss too banking concern check Euro to Naira charge per unit of measurement today inwards the dark marketplace position too interbank

Numerous Nigerians possess got been scream for these questions for years next the weakening of the Naira. The driblet inwards value of Nigerian currency was visible to my beau province men some tardily 2015.

This visibility was equally a resultant of hike inwards toll of goods too services similar nutrient stuffs, fuel too another daily needs.

It became compulsory for importers, exporters, online shoppers, freelancers, stock too forex traders to last able to convert 1 dollar to naira using the electrical current dollar charge per unit of measurement to naira.

Confusing Terms (FAQs) About USD to Naira Exchange Rate Explained.

Price of dollar to naira changes amongst dissimilar fiscal institutions too platform. Therefore at that topographic point are some damage concerning central charge per unit of measurement that i demand to familiarize y'all with.

What is;

i.) Exchange Rate Dollar Naira.

This is the equivalent amount of 1 dollar inwards Naira. As at the fourth dimension of writing this article, 1 dollar = 361 Naira. Therefore central charge per unit of measurement dollar to naira is 361 Naira.

The same affair acquire for damage similar dollar to naira, 1 dollar to naira today, convert usd to naira.

But when it goes similar central charge per unit of measurement of naira to dollar, thus it is the other way round. They aspect y'all to convert 1 Naira to dollar. Which is 1/361 = 0.00277 dollar.

But hither inwards Nigeria, nobody cares virtually the structure of the statement. Naira to dollar too dollar to naira agency the same thing.

ii.) Black Market Exchange Rate.

This tin dismiss last exercise interchangeably amongst aboki fx rate. It is the central charge per unit of measurement of 1 usd to naira on the street.

Black marketplace position agents are generally Abokis. So the charge per unit of measurement they purchase too sell dollar inwards central for naira is called dark marketplace position rate.

iii.) CBN Rate.

CBN is an acronym for Central Bank of Nigeria. CBN charge per unit of measurement is the amount inwards Naira they are buying or selling 1 dollar. Parallel marketplace position charge per unit of measurement tin dismiss last used inwards its place.

iv.) Bank Rate.

Sometimes scream to equally Nigerian banking concern central rate. It is how much Nigerian banks volition accuse your naira master copy or visa menu when y'all exercise it to purchase something on unusual sites that operates inwards dollar.

This charge per unit of measurement varies amongst dissimilar banks inwards Nigeria but commonly higher than cbn charge per unit of measurement too lower than dark marketplace position rate. Though it tin dismiss last the same or fifty-fifty higher for some banks.

v.) Buying & Selling Rate.

I maintain proverb buying too selling right?

Well buying or purchase charge per unit of measurement is the amount inwards Naira cbn, abokis, western union, moneygram or banks volition give y'all for 1 dollar.

Selling or sell charge per unit of measurement on the other mitt is how much inwards naira banks, cbn, western union, moneygram or aboki volition collect/charge y'all for a dollar. This charge per unit of measurement is e'er higher than the purchase rate.

It is vital y'all know too empathize all these damage field converting dollar to naira on dissimilar fiscal platforms.

Looking dorsum at the dollar naira central charge per unit of measurement history, it shows the NGN has non been doing great. The charge per unit of measurement was 1 $ = north 1 inwards 1988, 1 $ = N21.89 inwards 1999, today (2018) the charge per unit of measurement is 1$ = 361 Naira.

Currently, 1 USD = 361 Naira.

1000 dollars to naira = 361 x thou = 361,000 Naira.

100 dollars to naira = 361 x 100 = 36,100 Naira.

How does that go on too touching on Nigerians? Continue reading.

How Depreciating Value of Naira Against Dollar is Affecting Nigerians (Home & Abroad).

In my ain personal opinion, Nigeria’s electrical current economical employment arises equally a resultant of having only ane major exportable product, which is petroleum. Our economic scheme is affected every fourth dimension oil toll falls per barrel inwards the footing market.

If nosotros tin dismiss diversify too railroad train our Agricultural sector again, information technology industries too Chemical industries to a major sector managed past times the Federal Government competent individual companies.

There is high probability inflation volition cut too dollar naira central charge per unit of measurement volition last to a greater extent than favorable for an average Nigerian. Let’s accept a aspect at some of those effects.

1.) Importation.

Fall inwards the value of Naira is an unfavorable circumstance for the importers. Since what used to cost them N100,000 to import into the province directly cost N200,000 naira.

These volition leads to increment inwards selling toll which powerfulness makes people reject to purchase too inwards plough hurts their sales.

If they maintain similar this, their occupation concern powerfulness collapse on the long run. This is ane of the con of the electrical current naira central rate.

2.) Traveling.

A perfect trial of the how the depreciating naira is affecting Nigerians is the payment for Hajj inwards 2016 too 2017. Hope it won’t go on in ane trial to a greater extent than inwards 2018.

Some Muslim brothers too sisters are finding it hard to consummate the concluding stage of Pillars of Islam because of unfavorable dollar naira central charge per unit of measurement inwards diverse Nigerian banks.

Since non speedily mitigated, it too affected the Jerusalem Pilgrims too citizens that intend move for Christmas or New year’s opor-garai at the terminate of the year.

3.) School Fees Payment.

Another bad trial of the electrical current weakening of Nigerian naira is the increment inwards the expenses of Nigerian parents amongst kids abroad. They possess got to alter lot of Naira to few Dollars to carter for the needs of their wards exterior the country.

4.) Other effects of a rising dollar too 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 electrical current political instability caused past times crisis amid political parties, Terrorism inwards the Northern role of the country, extremely depression daily powerfulness provide etc are driving away unusual investors.

Investors from unusual countries aspect for stable countries amongst rigid economical surgical operation to invest their capital.

If unusual investors tin dismiss settle inwards Nigeria, they volition possess got to merchandise inwards our local currencies which agency they volition possess got to purchase Naira amongst their Dollar too inwards plough increases the value of Naira.

2.) Importation too Exportation.

As i said before inwards this article, Petroleum takes to a greater extent than than 3/4 of our exporting products, leaving but virtually 20% for agricultural products, chemicals etc.

On the other hand, Nigeria imports virtually anything possible to the province which increases the demand for dollar too thus depreciation of Naira. Higher importation too lower exportation is non skillful for whatever economy, Nigeria included.

Nigeria equally a province demand to gain to a greater extent than exportable products too cut the per centum of importation.

3.) Free Fall of Oil Price.

Since Nigeria depends only on the revenue generated from oil exportation, our economic scheme is affected anytime at that topographic point is autumn inwards oil toll inwards the footing market.

This solitary shapes Nigerian central rate. Naira Dollar central charge per unit of measurement today is highly affected past times fluctuating toll of oil per barrel inwards the footing market.

4.) Other USD ($) to NGN (N) central charge per unit of measurement influencing factors are Government policy, Nigerians obsession amongst unusual products, Inflation, Public debt too Current-Account deficits.

History Of Naira, The Nigerian Currency

Banknotes. On Jan 1, 1973, the Central Bank of Nigeria introduced notes for 50 kobo, 1, 5, 10 too xx naira. The 50 kobo notes were in conclusion issued inwards 1989. … It is a shimmery gilt coloring showing thou naira.

The official currency, currently used inwards Nigeria is called the Nigerian Naira, which was subdivided into 100 Kobo.

Before the introduction of the Nigerian Naira too Kobo, which was inwards the yr 1973, the pound was the currency of Nigeria too was used betwixt 1907 too 1973. Prior to this time, Nigeria had used diverse forms of money including cowries too manilas.

It was non until the yr 1958 that Nigeria used the British West African pounds that it issued its ain currency. The pounds was subdivided into xx shillings, each of which was 12 pences. Back then, the Nigerian pounds was at parity amongst the British pounds amongst slow convertibility. It was replaced amongst the introduction inwards 1973 of the decimal naira at a charge per unit of measurement of 1 pound = ii naira. This novel alter made Nigeria the in conclusion province to abandon the £sd currency system.

In 1959, coins were issued inwards denominations of ½, 1, 3 too vi pence respectively too inwards 1 too ii shillings. The ½ too 1 penny coins were bronze too holed. The 3 pence money which was minted inwards nickel-brass was a smaller version of the distinctive twelve sided 3 penny bits that was used inwards the UK, Bailiwick of Jersey too Fiji.

Bank Notes

There was emergency issues made past times the authorities inwards the yr 1918 presenting denominations of 1, 10 too xx shillings. By 1959, the Central Bank of Nigeria introduced notes inwards denominations of 5 too 10 shillings, including 1 too 5 pounds.

Three serial of notes were issued, inwards 1958, 1967 too 1968 respectively.

Nigerian Currency Symbol too Sign

Following the introduction of novel currency – the Naira too Kobo equally the legal tender inwards 1973, the Kobo was the kickoff to last widely used inwards the country. There was sure as shooting unique symbols too signs that distinguished the currency.

• The Naira has the sign ” ₦ ”

• The Kobo was signed ”K”

There was 5 denominations of the Kobo which were 1/2k, 1k, 5k, 10k too 25k inwards 1973 too past times the yr 1989, the 50K too N1 notes were changed to coins.

Today inwards Nigeria, the Kobo coins possess got been phased out because its value tin dismiss no longer purchase items inwards the country’s marketplace.

The Naira too Naira Sign

The Nigerian Naira, code “NGN” too signed amongst the symbol “₦” was released inwards notes inwards the yr 1973 which included the iv dissimilar denominations: ₦1, ₦5, ₦10 too ₦20.

Introduction of Major Naira Notes

• In the yr 1991, the ₦50(naira) banking concern annotation was non introduced to the country.

• After this was followed past times the introduction of the ₦100(naira) banking concern annotation wad introduced inwards 1999.


• The 200 naira banking concern annotation came into existence inwards the yr 2000.By 2001, 500 naira notes were introduced.


• And final, the Nigerian Naira highest denomination ₦1000 banking concern annotation was released on Oct 12, 2005.

Along the line, some notes were later phased out, others were redesigned.

The Worth of Nigerian Naira

By the fourth dimension the naira was introduced on 1 January, 1973 to supersede the pound, it was at a charge per unit of measurement of ii naira = 1 pound. And past times the yr 2008, at that topographic point was a computer programme to redenominate the naira at 1 novel naira = 100 quondam naira but the computer programme was suspended.

There has been a rampant occurence of inflation inwards Nigeria over the existence of naira.

The Central Bank of Nigeria increased cardinal involvement charge per unit of measurement for vi times, rising from 6.25% to 12% inwards 2011 too on 31 Jan 2012 decided to maintain the cardinal involvement charge per unit of measurement at 12%, to cut the impact of inflation equally a resultant of the reduction inwards fuel subsidies.

On xx June 2016, the naira was allowed to float, after existence pegged at 197 to the U.S. dollar for several months.

As of now, the official charge per unit of measurement of the U.S. dollar to the Nigerian naira is 1 U.S. dollar = 314.7500 Nigerian nairas. Naira central charge per unit of measurement inwards dark marketplace position is unstable too excessively high. As at the fourth dimension of this writeup, 1 U.S. dollars is equivalent to 506 Naira inwards dark market, lagos rate.

That’s all folks on how much is central charge per unit of measurement of dollar to naira cbn too dark marketplace position 2019.

Ref: Wikipedia, financialwatchngr