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Nigeria - Nigerian Naira - Currency Guide

 

Foreign exchange guide to Nigeria and the Nigerian Naira (NGN)

       

NGN News, Forecasts and Trends

The below interactive chart shows the USD to NGN exchange rate, trend and recent alerts for the last 90 days.

   
Recent USD to NGN 90-day trend
 
ALERT:14-DAY LOWS |
USD/NGN at 386.92 was trading near AVG:387.45 with LO:378.66 and HI:391.47 (90 days). ALERT: USD/NGN dropped to 14-DAY LOWS.

US Dollar to Nigerian Naira - Historical Rates

USD/NGN rateChangePeriod
06 Jul 2020 : 386.91120.2% ▲1 Week
13 Jun 2020 : 387.50000% ▲30 Days
14 Apr 2020 : 385.50000.5% ▲90 Days
14 Jul 2019 : 360.71807.4% ▲1 Year
15 Jul 2015 : 198.891594.8% ▲5 Years
16 Jul 2010 : 150.3259157.8% ▲10 Years
USD/NGN 10 year historic rates & changes to 13-Jul-2020 : 387.5113
 

U$1,000 USD
=
₦386,920 NGN

Converted at USD/NGN wholesale exchange rate, compare foreign transfer and spend/travel exchange rates.

 
 

US Dollar to Nigerian Naira - Quick Conversions

USD NGN
U$ 1 386.92
U$ 5 1,935
U$ 10 3,869
U$ 20 7,738
U$ 50 19,346
U$ 100 38,692
U$ 250 96,730
U$ 500 193,460
U$ 1,000 386,920
U$ 2,000 773,840
U$ 5,000 1,934,600
U$ 10,000 3,869,200
U$ 50,000 19,346,000
U$ 100,000 38,692,000
More amounts
USD NGN
U$ 0.0026 ₦ 1
U$ 0.0129 ₦ 5
U$ 0.0259 ₦ 10
U$ 0.0517 ₦ 20
U$ 0.1293 ₦ 50
U$ 0.2585 ₦ 100
U$ 0.6463 ₦ 250
U$ 1.2925 ₦ 500
U$ 2.5850 ₦ 1,000
U$ 5.1700 ₦ 2,000
U$ 12.93 ₦ 5,000
U$ 25.85 ₦ 10,000
U$ 129.25 ₦ 50,000
U$ 258.50 ₦ 100,000
More amounts

Frequently Asked Questions

 

What currency should I use in Nigeria?

The domestic currency in Nigeria is the Nigerian Naira.

What is the Nigerian Naira currency code and symbol?

The three letter currency code for the Nigerian Naira is NGN — symbol is .

Which countries use the Nigerian Naira?

It is the domestic currency in    Nigeria.

Is the Nigerian Naira a closed currency?

Yes the Nigerian Naira is a closed currency. Which means that you may find it difficult to purchase the currency (NGN) before departure and will probably need to buy it upon arrival. If you do manage to buy some of the currency or have some left over from a previous trip, make sure you are aware if you are allowed to bring this closed currency into the country.

For more information and a full list of closed currencies please refer to our guide: What is a closed currency?

 

Travel, Currency and Money saving tips for Nigeria

Travel money for Nigeria

As mentioned above, the Nigerian Naira is a closed currency. Which means that you may find it difficult (or be permitted) to purchase the currency (NGN) before departure and will need to buy it upon arrival in Nigeria.

For these types of destinations, using a pre-paid travel card is a good solution. As no travel cards support loading closed currencies like the NGN you will incur currency conversion or foreign transaction fees if you use a travel money card in Nigeria.

However, using a pre-paid travel card is still a good idea as you can avoid ATM fees and also you can avoid using (and losing!) your main bank or debit/credit card.

 

Sending money to Nigeria

When searching around for information on how to get a good exchange rate when sending money to Nigeria you need to start with finding out the latest Nigerian Naira exchange rate for foreign-transfers, which can be very different to the wholesale rate.

Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save - we make that calculation easy in the below table.


Get a better deal for foreign transfers to Nigeria

When sending money to Nigeria it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :

  1. Open an account with a BER reviewed FX provider (id docs may be required)
  2. You specify the local or Nigerian Naira amount you want to transfer
  3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
  4. Once your funds are received by the provider the converted NGN amount will be transfered to the recipient account you specify in Nigeria.

Use the above Send to Nigerian Naira calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Nigerian Naira deposited into the recipient bank account and less margins and fees kept by the banks!


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