The exchange rate between the Nigerian Naira (NGN) and the US Dollar (USD) is subject to constant fluctuations, influenced by various market factors. Let's examine the current value of 120 million Naira in US Dollars, along with some historical context and influencing factors.
As of 14:00 PM UTC, one hundred twenty million US dollars ($120,000,000.00) is currently worth ₦172,444,800,000.00 (one hundred seventy-two billion four hundred forty-four million eight hundred thousand naira). This conversion is based on a mid-market exchange rate of 1437.0400.
Conversely, ₦120,000,000.00 (one hundred twenty million naira) is currently worth $83,504.98 (eighty-three thousand five hundred four US dollars 98 cents) as of 14:00 PM UTC. This is based on a mid-market exchange rate of 0.0007.
It's important to note that these rates are indicative and can vary based on the specific financial institution or exchange service used.
Historical Exchange Rate Trends
Analyzing historical data provides valuable insights into the volatility of the USD/NGN exchange rate. On this day last year, $120,000,000.00 would have been exchanged for ₦201,049,680,840.00, which is ₦28,604,880,840.00 higher than today’s rate.
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Similarly, ₦120,000,000.00 would have been exchanged for $71,624.09, $11,880.89 lower than today’s rate.
The most favorable exchange rate over the past seven days was ₦173,465,017,320.00.
Recent Fluctuations
Examining recent trends helps understand the current dynamics of the exchange rate:
- The USD/NGN rate is down -13.88%.
- The NGN/USD rate is up +16.11%.
In the past 30 days:
- The USD to NGN exchange rate reached a high of 1,469.51 and a low of 1,425.19, with an average rate of 1,455.47.
- The NGN to USD exchange rate reached a high of 0.0007017 and a low of 0.0006805, with an average rate of 0.0006871.
Over the last 90 days:
Read also: Exchange Rate Analysis: NGN to USD
- The USD to NGN exchange rate peaked at 1,535.79 and dipped to a low of 1,425.19, averaging 1,490.98.
- The NGN to USD exchange rate peaked at 0.0007017 and dipped to a low of 0.0006511, averaging 0.0006710.
Imports, Exports, and Exchange Rates: Crash Course Economics #15
Factors Influencing the Exchange Rate
Several factors impact the USD/NGN exchange rate:
- Market Conditions: Supply and demand for each currency play a crucial role.
- Economic Performance: Economic indicators like GDP growth, inflation, and unemployment rates influence investor confidence.
- Political Stability: Political events and government policies can significantly impact currency values.
- Global Trade: Trade balances and international trade agreements affect currency flows.
The Role of the US Dollar
The United States dollar, symbolized by $, is the official currency of the United States and the world’s primary reserve currency. As the most traded currency globally, it plays a central role in international trade and finance, serving as a preferred medium for global reserves held by governments and institutions. This status as a reserve currency means that many countries hold USD as part of their foreign exchange reserves, which enhances its stability and liquidity. The USD is known for its stability, liquidity, and widespread use in global transactions.
Western Union and Money Transfers
You can send money to Nigeria the way that’s convenient for you: online, with our app, or in person at an agent location. Our encryption and fraud prevention efforts help protect your Western Union® money transfers. We move money from the United States of America to over 200 countries and territories. Just enter the USD amount to be converted to NGN. Transfer USD to NGN online using your bank account, credit/debit card or cash in-store.
Important Considerations: Exchange rates fluctuate, at times significantly, and you acknowledge and accept all risks that may result from such fluctuations. Check the latest currency exchange rates for the US Dollar, Nigerian Naira and all major world currencies.
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