If you are one of the people that have been searching online for information on how to calculate dollar to Naira in Nigeria, you have come to the right page, this is because we are going to give you complete details on how you can calculate dollar to Naira.
We will also try to answer a few questions regarding this topic;
- How much is $100 US in Nigeria?
- How much is $1 US in Naira?
- How is $50 in Naira? Information Guide Nigeria
Read Also: Ways to Convert Dollar to Naira in Nigeria
Why you should calculate dollar to Naira
If you are an international business person, an investor, someone that has just received some dollars, individual bidding for a job that is valued in dollars, a student trying to study abroad, or a parent trying to send money to someone abroad, then you need to know how to calculate dollar to naira. In simple terms, we can say that you need to know how to convert dollar to naira.
Have you just received some money in dollars and you are wondering how to convert or calculate it to naira? If your answer is yes, also continue reading this post.
About the United States Dollar
The United States dollar is the official currency or legal tender of the United States of America. It is also known as greenbacks and abbreviated as USD, and US$. The U.S. dollar is the world reserve currency and unarguably the most popular currency in the whole world.
The robust economy of the United States of America has given the dollars a serious push and backing making it remain the strongest currency in the world. calculate dollar to naira
Read Also: How to Buy Dollars from CBN Directly
The role of the United States dollar in the Nigerian economy
The United States dollar plays a very important role in the economy of Nigeria. This is because the Nigerian economy deals more on importation than it exports. All the goods and services that are imported to Nigeria are paid in dollars, this is why the demand for U.S. dollars is always on the increase in Nigeria. Almost all the electronics and other home appliances are imported, this monopoly has made sure that the United States dollar remains a key player in the Nigerian economy. Ways to Convert Dollar to Naira in Nigeria
How the demand for the U.S. dollar has affected Naira
Unfortunately, the constant demand for the United States dollar has negatively affected the strength of the Nigerian naira in the foreign exchange market.
This is because Nigeria is solely depending on oil for international revenue generation, oil is primarily being valued in U.S. dollars. The demand for dollars in Nigeria becomes severe when the number of imports increases, this is because importers and businessmen will need to buy dollars to use and pay for their imported goods and services, as well as pay for clearing and shipping. Official: English Premier League Club Sacks Manager
This tends to create a demand for the United States dollar, it also creates scarcity of the dollars which increases its value against the Nigerian naira.
We are taking time to explain this so that you can understand how important the United States dollar is and why you should know how to calculate dollar in Naira.
Read Also: How to buy dollar from Nigerian banks, requirements, things you need
How to Calculate dollar to Naira
Calculating or converting dollar to Naira is very important to businessmen, importers, individuals who are or will be having dollar-denominated transactions, and students who are planning to study abroad. Npower recruitment
This is because the value of the naira keeps fluctuating because of several factors like the increasing rate of inflation, political crisis, insecurity, increase in imports, and fluctuating price of oil.
One of the best ways to calculate dollar to naira is by using the search engine platform known as ‘Google’.
Doing this is easy, simply visit; Google.com, n the search box, type ‘dollar to naira’. Google always display only the official exchange rate and not parallel or black market rate.
Once you have searched for the words, you will see the official exchange rate displayed. Scroll below the rate to where you have 1 dollar, type in the total amount of dollars you want to calculate to naira. As you type in the amount, you will see the Naira value of that dollar amount displayed in the Nigerian Naira row. dollar to naira rate
Read Also: How to Open Dollar Account in Nigeria Online
How to change dollar to Naira
1. International Credit Card:
If you are expecting payments in dollars, especially if the payment may become recurring, you should consider using an International credit card. This is one of the best ways to convert dollars to naira. You have to open a U.S. dollar bank account, after which you can apply for an international credit card. Using the international credit card to calculate the U.S. dollar to naira will give you the benefit of having it at a good rate, it is stress-free and extremely safe.
Once you have received the dollars in your account, you can then proceed to withdraw them in naira. Using an international credit card to convert dollar to naira will give you the current market exchange rate, it also has interbank rate benefits as well.
2. Central Bank of Nigeria:
You can easily walk into any branch of the Central Bank of Nigeria and convert your dollars into Naira. You can find the CBN branch in every state of the federation. One huge benefit you will get from converting your dollars to naira at CBN is that you will convert it at the current daily market exchange rate cheaper than other ways. WAEC result
3. Commercial banks:
Almost all the commercial banks in Nigeria will convert your dollars to naira. However, you may get a slightly higher rate than what you will get at the CBN. Walking into any commercial bank in Nigeria, you will see displayed daily forex exchange rate which will give you a clue on the amount you are going to get after changing your dollars to naira. JAMB form
Before now, it was possible to change dollar to naira with Bureau de Change operators, but CBN recently stopped selling dollars to them because of their greed which made them exchange dollars for people and companies at a very high rate, this was affecting the stability of the naira. This is why none of the Bureau de Change operators are able to change dollars to naira for now.
Read Also: How to buy and sell dollars in Nigeria – requirements, license, things you need
How much is $100 US in Nigeria?
Going by the official rate of the United States dollar today which is N410.77 per U.S. dollar, $100 US will give you N41,077.
How much is $1 US in Naira?
The official rate of the United States dollar in Nigerian naira is N410.00, the parallel rate fluctuates between N560 – N575 for one dollar.
How is $50 in Naira?
Since the official rate of the United States dollar in Nigerian naira is N410.77 per dollar, converting $50 to naira will give you N20,538.50. JAMB Result
Check and Confirm: How much is Dollar to Naira today Pounds to Naira today