Dollar to Naira Exchange Rate Today - Money Master Tutorials

Dollar to Naira Exchange Rate Today

Live Dollar to Naira Exchange Rate (USD/NGN) Today

This Dollar to Nigerian Naira conversion tool allows you to compare the live inter-bank currency rate with competitive travel money exchange rates available within the foreign exchange markets.

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Frequently Asked Questions:

What is the Dollar worth against the Nigerian Naira?

Is the Dollar going up or down against the Nigerian Naira?

What is 50 Dollars in Nigerian Naira?

Handy Conversion Data Table – Dollar to Naira Exchange Rate Today

Dollars to Nigerian-Naira	Nigerian-Naira to Dollars
1 USD	361.5008 NGN	1 NGN	0.0028 USD
2 USD	723.0015 NGN	2 NGN	0.0055 USD
5 USD	1807.5038 NGN	5 NGN	0.0138 USD
10 USD	3615.0076 NGN	10 NGN	0.0277 USD
15 USD	5422.5114 NGN	15 NGN	0.0415 USD
20 USD	7230.0152 NGN	20 NGN	0.0553 USD
25 USD	9037.519 NGN	25 NGN	0.0692 USD
50 USD	18075.0379 NGN	50 NGN	0.1383 USD
100 USD	36150.0759 NGN	100 NGN	0.2766 USD
500 USD	180750.3794 NGN	500 NGN	1.3831 USD
1000 USD	361500.7588 NGN	1000 NGN	2.7662 USD
2500 USD	903751.897 NGN	2500 NGN	6.9156 USD
5000 USD	1807503.794 NGN	5000 NGN	13.8312 USD
10000 USD	3615007.5881 NGN	10000 NGN	27.6625 USD

Conversion from US Dollar to Naira Exchange Rate Today

The Money Master Tutorials currency calculator offers a currency conversion from United States dollar to Nigerian naira within seconds. Vacationers in United States can make conversions at the current exchange rate. The currency calculator provides an ideal tool for investors investing in international stock exchanges with different currencies.
Conversion from United States dollar to Nigerian naira can be done at current rates as well as at historical rates – to do this, select the desired exchange rate date.

Today’s date is set by default. Additionally, the currency calculator shows the closing rate of the previous day as well as the highest and lowest rates of the conversion United States dollar – Nigerian naira. The results are displayed in a clearly arranged table. In addition to the United States dollar – Nigerian naira rate, the Markets Insider currency calculator also offers other exchange rates for about 160 international currencies.

United States (US) Dollar to Naira Exchange Rate Today Currency Calculator

You have currently selected the base currency United States dollar and the target currency Nigerian naira with an amount of 1 United States dollar. In the menu, you can select the desired exchange rates of about 160 international currencies from the two lists. Additionally, the currency calculator allows you to calculate historical exchange rates in addition to the current rate. The results are displayed in a table with the closing rate of the previous day, the opening rate as well as the lowest and highest rates of the respective date.

Dollar to Naira Exchange Rate Today Currency Converter Calculator

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What Is an Exchange Rate and What Does It Mean?

If you’re planning on traveling abroad any time soon, you’ll have likely come across the term “exchange rate.” What is it? What do you need to know about it before you plan your trip? And how can it save you money on your vacation?

Foreign Exchange Rate

A foreign exchange rate is the relative value between two currencies. Simply put, “exchange rates are the amount of one currency you can exchange for another.”

In travel, the exchange rate is defined by how much money, or the amount of a foreign currency, that you can buy with one US dollar. The exchange rate defines how many pesos, euros, or baht you can get for one US dollar (or what the equivalent of one dollar will buy in another country).

Calculate the Rate

Calculating an exchange rate is simple but can change on a day-to-day basis. As an example: let’s say the Euro exchange rate is 0.825835. That means one U.S. Dollar buys, or can be exchanged for, or is “worth” 0.825835 euros.

In order to find out how much two euros is worth in US dollars, divide 1 (as in one dollar) by 0.825835 to calculate how many US dollars one Euro is worth: $1.21. Therefore:

1 USD = 0.825835 Euros
1 Euro = 1.21090 USD

By using the exchange rate, you can see that $1 equals a little over .80 Euros. Two U.S. Dollars equals about 1.65 Euros, while two Euros equals about $2.40 in U.S. money.

Of course, there are easier ways to determine the exchange rate in the country you are visiting. Websites and currency calculator applications, like XE’s currency converter and current exchange rate calculator, can help you make smart decisions about your money before and during your trip.

What Is a Flexible Exchange Rate?

The majority of currency exchange rates you will experience are flexible exchange rates. That is, the rate of exchange can rise or decline based on economic factors. These situations can change on a daily basis, often by small fractions during your trip.

Flexible exchange rates between currencies are determined by a foreign exchange market, or “forex” for short. These markets regulate the prices by which investors are purchasing one currency with another, with the hopes of making more money when that nation’s money gains strength.

For an example of a flexible exchange rate, look at the shifts between the United States and Canada. In April 2017, one U.S. Dollar was worth $1.28 Canadian Dollars. Between April and August 2017, the value dropped by nearly eight cents, making the Canadian Dollar slightly stronger in exchange. But by the beginning of 2018, the American Dollar regained strength. If you took a vacation to Niagara Falls, Canada in May 2017, your American Dollars would have been worth $1.37 Canadian Dollars, giving you more buying power.

But if you took that same trip in September 2017, your American Dollars would have only been worth $1.21 Canadian Dollars each—a major loss in currency strength.

What Is a Fixed Exchange Rate?

While most nations price the difference in their currencies on the foreign exchange market, some nations control the exchange rate of their currency against outside monetary units. This is called a fixed exchange rate.

Different governments maintain different rationales for maintaining a fixed exchange rate. In Cuba, where one Cuban Convertible Peso is equal to one American Dollar, the U.S. embargo and political differences caused the Cuban government to treat tourist dollars the same as American dollars. Meanwhile, in China, the government elects to “peg” their currency against the Dollar, leading some to consider the world’s most populous nation a “currency manipulator.”

Think of it like this: fixed exchange rates seek to maintain a “stable” exchange rate by controlling how much a foreign currency is worth, while flexible exchange rates are based on several economic factors, including the strength of a nation’s overall financial health.

What Can Impact an Exchange Rate?

Flexible exchange rates can change day to day but are often in very small increments of less than one cent. But major economic factors, like government shifts or business decisions, can have impacts on international exchange rates.

For instance, consider the shifts in the U.S. Dollar between 2002 and 2015. When the national debt of the United States raised significantly between 2002 and 2007, the American Dollar dropped in value compared to their international counterparts. When the economy entered the “Great Recession,” the dollar gained some strength back, because major corporations were holding onto their wealth.

When Greece was on the verge of an economic meltdown, the Euro weakened in value. In turn, the American Dollar grew in strength, giving Americans more buying power in the European Economic Area. The British referendum vote to leave the European Union shifted the dollar’s value even further, pulling it closer to being even with the British Pound Sterling.

International situations can have a major effect on how much the U.S. Dollar is worth abroad. By understanding how these things could change your buying power abroad, you can quickly make decisions on when to exchange your cash for local currency, or hold on to American Dollars and spend using your credit or debit card.

Are Bank Fees Considered Part of Exchange Rates?

Before you travel, you may receive offers for credit cards or debit cards with “no international transaction fees.” Do these have any bearing on foreign exchange rates?

As a service to travelers, banks can elect to process purchases made on debit or credit cards while they are abroad. However, many also choose to tack on an additional fee–sometimes called an “international transaction fee”–to the transaction. This is usually charged as a percentage of the transaction fee and may be separate from the bank fees.

Because these are separate charges, an international transaction fee is not considered part of an exchange rate. To get the best rates while abroad, be sure to always use credit and debit cards that do not charge an international transaction fee.

Why Do I Need to Know What the Exchange rate is?

Before you travel, or while you’re traveling, you need to know what the exchange rate is so you’ll know how much your money is worth in another country. If a dollar isn’t worth a dollar abroad, you can budget accordingly, and now how much you’re actually spending while traveling.

Additionally, knowing the exchange rate before you travel can help you get the best deal on currency conversion before you go. It is always important to carry a little foreign currency upon your arrival, so by tracking exchange rates before you travel, you can get the most money from your bank or chosen exchange before you travel.

How Can I Get the Best Exchange Rate for My Money?

Don’t rely on street kiosks or airport kiosks in another country to give you an accurate or completely fair exchange rate. Currency exchange places on the street or in the airport know that they don’t have to do anything to attract travelers, so they slap a huge commission on top of every transaction. As a result, you will exchange a large amount of your money with one of these exchanges, just to get very little in return.

If you know what the rate is, the best places to exchange your money is at a bank or an ATM. Because banks run on standard hours around the world as well, it may not always be convenient to take your cash to a bank. ATMs offer a good backup plan because you can usually get local currency at the current exchange rate. Smart travelers also use a debit card that charges no ATM fees or international transaction fees, so you always get the true value of your cash.

But if you elect to use a credit card abroad, your best bet is to always elect to pay in the local currency. In some situations, payment processing companies may elect to add transaction fees if you decide to pay in American Dollars, which only reduces your buying power. If your credit card has no international transaction fees, paying in the local currency can give you the best exchange rate at the point of purchase without additional hidden fees tacked on.