Naira To Dollar
If you’re traveling to the US or returning after a vacation in Nigeria, you must convert all your Naira to US dollars. While this sounds like a straightforward conversion, exchanging Naira is one of the most inconsistent things you’ll ever venture into.
With Naira so devalued, it’s already problematic to hold a great deal of your money in the currency. However, most items in Nigeria are so cheap that you’ll most likely get more of the currency than you’ll need on your vacation.
In this article, you’ll learn some of the facts about exchanging your Naira with dollars. Also, I’ll show you some of the best ways to exchange your Naira for dollars, and some factors that affect the conversion rates.
Should You Convert Your Naira To Dollar?
There are many risks associated with converting currencies, but sometimes, it just has to be done. There are certain instances when converting your Naira to dollars is a no-brainer, and in others, converting would be a terrible decision.
For instance, if you’re returning to the United States after a visit to Nigeria, it sounds logical to convert most, if not all of your Naira to the US legal tender. The Naira is useless in the US, as exchanging the currencies back there is a hassle.
However, if you’re on the lookout for a currency to hold your assets as a Nigerian, you may want to avoid the dollar. With the Naira being so volatile in recent days, the currency may appreciate rapidly, leaving you with a significantly lower value.
The decision to (or not to) convert your Naira to dollars should depend on your intentions in the long run. Unless you’ve analyzed the market and deduced that the value of the Naira will continue to fall, you’ll be a bit safer keeping your investment in Bitcoin or some other currency.
Naira To Dollar Exchange Rate For Friday 21st January, 2022
- Buy: 567
- Sell: 570
How To Get The Naira
Upon getting to Nigeria from the United States, one of your major priorities should be exchanging your dollars for Naira. The US dollar is not an official legal tender in Nigeria, and you’re legally required to own some of the Nigerian currency to even survive.
That brings the question of how to get the Nigerian Naira when you’re already in Nigeria. Fortunately, there are many ways to get the Naira when you only have dollars, and the best option for you depends on what kind of money you’re holding.
Here are some of the best places to exchange your US dollars for the Nigerian Naira if you’re spending some time in Nigeria.
If you’re looking to change your naira to dollars or vice versa, banks are the most reliable institutions for that. While they offer the least charges on the market, you know what you’re in for, and the exchange rates are very predictable.
Most Nigerian banks will exchange naira for US dollars, as those are the two most popular foreign exchange currencies that Nigerians work with. If you’ve had experience with independent bureau de change operators, you’ll be discouraged from exchanging your dollars at a bank.
Some of the banks that allow you to exchange foreign currency in Nigeria include UBA, FirstBank, Zenith Bank, and the Central Bank of Nigeria. With all the mentioned banks having headquarters in almost every Nigerian state, currency exchange shouldn’t be a hassle.
Independent Bureau de Change Operators
While banks may be the most reliable way to exchange dollars for naira, independent bureau de change exchangers is what most people choose. If you’re changing from at an independent bureau de change, you’ll typically get more naira for your dollars than you would if you used a bank.
However, these exchanges don’t always have sufficient money available for exchange. Also, many scams happen during these currency exchange proceedings, making it generally safer to walk to a bank each time you need naira for your dollars.
Since there isn’t a specific organization regulating this business, it’s difficult to list legitimate locations for bureau de change operators. You can ask Nigerians about the best locations for these currency exchangers to learn where to exchange your currencies.
Naira To Dollar Exchange Rate 2021
When comparing the exchange rates of two currencies, nobody ever expects a flat line. When it comes to the Nigerian naira and the US dollars specifically, the fluctuations are even more apparent.
To have a usable average across the different months of the year, the Central Bank of Nigeria documents the average dollar exchange rate against the naira for each month. From these records, we’ve collected the exchange Naira-Dollar exchange rate across the whole of last year.
The interbank foreign exchange market rate didn’t change much across the entirety of last year, as it stayed around NGN381 to $1 throughout. The bureau the change rates were more haphazard, hovering from NGN470 to NGN490 per dollar.
While the statistics were only made available till April for unexplained reasons, you can already determine what to expect when exchanging your dollars for naira or vice versa.
And you should remember that you should refrain from exchanging currencies unless in time of necessity. The dues that banks charge when you exchange naira for dollars doesn’t make it worthwhile to do it frequently.
At the moment, the dollar exchanges for around NGN415 at the official market, while bureau de change exchangers exchange for as high as NGN575 to a dollar. If you’re converting your dollars to the Nigerian naira, you may want to use a trusted exchanger instead of a bank.
There are many reasons why you may want to exchange naira for dollars, but there are only a few ways to do so without losing. While a bank is a safe and accessible way to exchange currencies in Nigeria, you may get more by using roadside exchangers.
Also, most hotels in Nigeria have facilities that let you exchange your naira for dollars. It’s also important to note that the exchange rates vary across these different exchangers, with independent bureau de change exchangers being the most enticing option of them all.