Understanding the historical exchange rates between the US Dollar (USD) and the Nigerian Naira (NGN) is crucial for businesses, travelers, and anyone involved in international transactions. This article delves into the fluctuations of the USD to NGN exchange rate, providing a historical overview and current conversion values.
The Nigerian Naira (sign: ₦; code: NGN) 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.
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.
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.
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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.
In 2012, the Central Bank of Nigeria was considering the introduction of new currency denominations of ₦5,000. On 12 November 2014, the Central Bank of Nigeria issued a ₦100 commemorative note to celebrate the centennial of Nigeria's existence. The notes are similar to its regular issue with the portrait of Chief Obafemi Awolowo on the front, but are redesigned to include a new color scheme, revised security features, and the text "One Nigeria, Great Promise" in microprinting.
The naira was scheduled for redenomination in August 2008, although this was cancelled by then-President Umaru Musa Yar'Adua, with 100 old naira to become 1 new naira. The Nigerian Central Bank stated that it would make the naira fully convertible against foreign currencies by 2009. Currently, the amount of foreign currency is regulated through weekly auctions, while the Central Bank sets the exchange rate. The naira appreciated against the dollar through 2007 due to high oil revenues.
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.
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Currently, $1 dollar is around ₦1483 per 1 USD, significantly higher than the official Central Bank of Nigeria rate.
Current Conversion: $50,000.00 (fifty thousand US dollars) is currently worth ₦71,891,500.00 (seventy-one million eight hundred ninety-one thousand five hundred naira) as of 16:00 PM UTC. This conversion uses mid-market exchange rates.
Historical Context: On this day last year, $50,000.00 would have been exchanged for ₦83,927,436.10, which is ₦12,035,936.10 higher than today’s rate. The most favorable exchange rate over the past seven days was ₦72,358,000.00.
Exchange Rate Statistics:
| Statistic | Last 7 Days | Last 30 Days | Last 90 Days |
|---|---|---|---|
| High | 0.00070158 | 0.00070158 | 0.00070158 |
| Low | 0.00068654 | 0.00067767 | 0.00064990 |
| Average | 0.00069275 | 0.00068488 | 0.00066866 |
| Volatility | 0.79% | 0.43% | 0.35% |
Currency Information:
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- NGN (Nigerian Naira): The currency code for Nigerian Nairas is NGN, and the currency symbol is ₦.
- USD (US Dollar): The currency code for US Dollars is USD, and the currency symbol is $.
Historical Currency Rates: Analysis of rate trends for any currency over a few days, weeks, months, or years can provide valuable insights. The USD/NGN rate, for example, was down -3.66% in 2012 and is also showing downward trends in more recent data.
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.
A currency exchange is when you convert a currency to another. A currency converter is a useful tool to quickly convert between different foreign currencies, for example Euros to US Dollars. If you are converting Euros to US Dollars, you would need to know the current exchange rate. Take for example the current value of 1.19 - this would mean that 1 Euro is equal to 1.19 US Dollars. This can be applied for any amount by just multiplying the conversion value.
Our forex historical data includes open, high, low and close values as well as change in pips and percent. Amount in words: fifty thousand (US Dollar).
To show you the most accurate result, we use the international exchange rate.
Did you know? A year ago, on that day, the currency rate US Dollar to Nigerian Naira was: ₦1678.549. Since then, the exchange rate has decreased by -240.72 NGN (-14.34%).
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