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The US Dollar is the official currency of United States of America. The currency code for the US Dollar is USD. The Nigerian Naira is the official currency of Nigeria. The currency code for the Nigerian Naira is NGN.
Let's delve into the historical trends of the USD to NGN exchange rate, examining the factors that influence these fluctuations and providing insights into converting 40 USD to Nigerian Naira.
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Current Exchange Rate and Recent Trends
This chart shows data from 2024-11-8 to 2025-11-7. The USD/NGN rate is down -13.94%.
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 1,454.13. Over the last 90 days, the USD to NGN exchange rate peaked at 1,535.79 and dipped to a low of 1,425.19, averaging 1,489.50.
Converting 40 USD to NGN
$40.00 - forty us dollars is currently worth ₦57,440.00 (fifty-seven thousand four hundred forty naira) as of 18:00PM UTC. We use mid-market exchange rates to convert USD to NGN. The current exchange rate is 1436.0000.
Feel free to try converting the currency rate in reverse from Naira to US Dollars. Good Time
On this day last year, $40.00 would have been exchanged for ₦67,496.54, ₦10,056.54 higher than today’s rate. The most favorable exchange rate over the past seven days was ₦57,698.40. We use the mid-market rate for our Converter. This is for informational purposes only. You won’t receive this rate when sending money. Login to view send rates
Historical Exchange Rate Statistics
Here's a look at the exchange-rate stats for NGN to USD including high, low, average, and volatility over the last 7, 30, and 90 days:
| Statistic | Last 7 Days | Last 30 Days | Last 90 Days |
|---|---|---|---|
| High | 0.00069633 | 0.00070158 | 0.00070158 |
| Low | 0.00069318 | 0.00067767 | 0.00064990 |
| Average | 0.00069456 | 0.00068681 | 0.00067053 |
| Volatility | 0.12% | 0.42% | 0.35% |
Factors Influencing Exchange Rates
Currency exchange rates fluctuate mainly due to a combination of factors, including global economic activity, market sentiment, interest rate changes, inflation, trade imbalances, and central bank monetary policies. For example, when a country has a strong economy and rising interest rates, it may attract more foreign capital, pushing up the value of its currency. Conversely, political instability or economic slowdown may lead to currency depreciation.
Changes in market expectations and speculative activities can also intensify short-term exchange rate fluctuations.
Using Online Currency Converters
Users simply enter the amount (e.g., 40) into the online currency converter, then select the source currency (USD) and target currency (NGN) from the dropdown menus. No need to click anything else - the system will automatically calculate and display the real-time exchange rate result for 40US dollar to Nigerian naira.
It also provides AI-based analysis, historical rate trends, and exchange rate comparisons from different data sources to help users better understand the conversion and make informed decisions.
Making Cross-Border Payments
You can make convenient cross-border payments via international wire transfer. Currently, you can also make cross-border payments through XTransfer, where we offer more convenient and secure international cross-border payment services, especially when transferring funds to companies in China.
XTransfer is absolutely secure. Your funds are protected by our top-level security measures to ensure every transaction is safeguarded.
Additional Tools and Services
- Xe App: Manage your currencies on the go with the Xe app. It has everything you need for international money transfers - easy, secure, and low fees starting at $0.
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- Rate Alerts: Set free rate alerts for any currency pair. We’ll notify you at your desired rate.
- Historical Currency Rates: Analyze rate trends for any currency over a few days, weeks, months, or years.
Understanding the Nigerian Naira (NGN)
The naira (sign: ₦; code: NGN; Yoruba: náírà, Hausa: نَيْرَ, Igbo: naịra, Tyap: nera) is the currency of Nigeria. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. It controls the volume of money supplied in the economy in order to ensure monetary and price stability.
A major cash crunch occurred in February 2023 when the Nigerian government used a currency note changeover-delivering too few of the new notes into circulation-to attempt to force citizens to use a newly created government-sponsored central bank digital currency.
History of the Naira
The naira was introduced on 1 January 1973, replacing the Nigerian pound at a rate of £1 = ₦2. The coins of the new currency were the first coins issued by an independent Nigeria, as all circulating coins of the Nigerian pound were all struck by the colonial government of the Federation of Nigeria in 1959, with the name of Queen Elizabeth II on the obverse. This also made Nigeria the last country in the world to abandon the £sd currency system in favour of a decimal currency system.
There was a government plan to redenominate the naira at 100:1 in 2008, but the plan was suspended. The Central Bank of Nigeria claimed that they attempted to control the annual inflation rate below 10%. In 2011, the CBN increased key interest rate six times, rising from 6.25% to 12%.
The 2023 Nigerian currency crisis was precipitated in January 2023 by a shortage of naira cash amid an attempt by the Nigerian government to force citizens to use newly-designed notes, which the government said would help stem the tide of vote-buying in the lead-up to the 2023 general elections.
Coins and Banknotes
In 1973, coins were introduced in denominations of 1⁄2, 1, 5, 10 and 25 kobo, with the 1⁄2 and 1 kobo in bronze and the higher denominations in cupro-nickel. The 1⁄2 kobo coins were minted only that year.
In 1991, smaller 1, 10 and 25 kobo coins were issued in copper-plated-steel, along with nickel-plated-steel 50 kobo and ₦1. On 28 February 2007, new coins were issued in denominations of 50 kobo, ₦1 and ₦2, with the ₦1 and ₦2 bimetallic.
On 1 January 1973, the Central Bank of Nigeria introduced notes for 50 kobo, ₦1, ₦5, ₦10 and ₦20: in April 1984, the colors of all naira banknotes were changed in an attempt to control money laundering. In 1991, ₦50 notes were issued, while the 50 kobo and ₦1 notes were replaced by coins in 1991. On 28 February 2007, new versions of the ₦5 to ₦50 banknotes were introduced.
Originally the ₦10, ₦20 and ₦50 were to be polymer banknotes, but the ₦5, ₦10 and ₦50 were delayed to late 2009 and only the ₦20 was released in polymer. The notes are slightly smaller (130 × 72 mm) and redesigned from the preceding issues.
On the ₦1,000 notes, there is a subtle shiny strip running down the back of the note to prevent counterfeiting. The strip is a shimmery gold color showing ₦1,000 and has a triangular shape in the middle of the front of the note which changes its color from green to blue when tilted.
Recent Naira Redesign Policy (2022)
In 2022, a policy was implemented by the Central Bank of Nigeria (CBN) to redesign and replace the highest denomination banknotes: the ₦200, ₦500, and ₦1,000 notes. The Central Bank of Nigeria cited several reasons for the currency redesign and the associated demonetization policy, noting that, by global best practice, currency should be redesigned every 5 to 8 years, and the Naira was long overdue.
The redesign primarily focused on changing the colour palette and enhancing the security features of the affected denominations. Unlike some previous currency changes, the core images (portraits of national figures and other symbols) on the front and back of the notes remained largely the same, though the aesthetic details were modernised.
The scarcity of both old and new notes led to a prolonged cash crunch across Nigeria, severely impacting the economy. Businesses, particularly those in the informal sector which relies heavily on cash, suffered significant losses.
The policy was highly controversial, with critics arguing the timing (just before the 2023 general elections) and implementation were flawed.
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