How To Convert US Dollars to Naira

As long as you’re in Nigeria and you have money in US Dollars, you will need it in local currency. How to convert US Dollar to Naira tools should be within reach for anyone who receives cash in US Dollars. Converting between currencies is straightforward.

With the advent of the internet and online tools, currency conversion is simple and takes seconds. Online portals that convert currencies are easy to use and don’t require login or any kind of registration. These currency calculators are important showing you the exact amount of Naira your dollars have.

Apart from online currency conversion websites, major Nigerian bank websites publish the daily foreign exchange rates and can help you determine how much your dollars are worth at that time.

One_thousand_naira - convert us dollars to naira

How Can I Convert US Dollars to Naira?

To convert US Dollars (USD) to Nigerian Naira (NGN), multiply the amount of US Dollars you want to convert by the exchange rate. This will give you the equivalent amount in Nigerian Naira. For example;

  • If the current exchange rate is 1 USD to 410 NGN and you want to convert 100 US Dollars
  • The calculation would be 100 USD * 410 NGN = 41,000 NGN.
  • This means that 100 US Dollars would be equivalent to 41,000 Nigerian Naira at the given exchange rate.

It’s also worth noting that exchange rates can vary slightly between different sources and institutions due to factors such as market demand, the service provider’s fees, and other economic factors. So, it’s important to check the rate from a reliable source and be aware of any potential additional charges.

What Are The Available Options Or Ways To Convert Dollar To Naira?

There are several ways of converting US Dollars into local currency depending on the monetary form you have. Using any of the following ways to convert US dollars to Naira also depends on the business you do or the frequency at which you receive and convert US dollars into local currency.

1. Exchange Bureau: When you have cash in US Dollars, finding the exchange bureau is a common platform for buying currencies. However, these bureaus are not cost-effective and are the most expensive platforms to convert foreign currencies into local money. If you occasionally change US Dollars into Naira, foreign exchange bureaus can work fine.

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2. The Credit Card: If you are on international business or frequently receive US Dollars, then the best, easy and simple way of converting the US Dollars into Nigerian Naira is using the credit card. Credit cards sold as MasterCards can be loaded with US Dollars and withdrawn in Naira. Usually, you can open a US Dollar bank account in Nigeria and then apply for an international credit card. Credit cards use current market exchange rates and have interbank rate benefits. Foreign exchange bureaus don’t have these benefits hence they’re a little bit expensive. With a foreign bank account, using a credit card becomes a cheap, easy and convenient way of converting  US Dollars into Naira.


3. The Central Bank of Nigeria: While in Nigeria, you can always visit the Central Bank of Nigeria to convert US Dollars into Naira. This apex bank is available in all states in the country. The exchange rate in this bank follows the daily market exchange rate which is a lot cheaper than common forex bureaus.

4. Banks: The other source of converting the US Dollars to Naira is visiting large banks in Nigeria. These banks display daily forex exchange rate, which you can use to determine the amount you will get when changing US dollars to Naira.

What you should know before converting your Dollar to Naira

Foreign exchange seems a fascinating topic. However, even if converting Dollar to Naira is simple through any of the above methods, it is cautious enough to know the current exchange rate before making any transactions. Daily market exchange rates are available on your favourite bank websites and major forex portals all over the internet.

The foreign exchange rate is different each day and you might be losing a lump sum if you convert US dollar into local currency at a very low exchange rate. Depending on the need or urgency of your money, monitoring the exchange rate can help you get more money when the exchange rate is mouth-watering.

US Dollars and Computer Mouse

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While it is much better to bring the US dollar to Nigeria because of the stability of this currency against the local currency, don’t exchange your money through any means not listed above. For example, you can find unsolicited emails or online websites promising you a better exchange rate than the current market exchange rate.

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This is a deal being too sweet and you should run away from it. Otherwise, your cash will disappear into thin air. Starting with an International ATM card, the Central Bank of Nigeria, major Nigerian banks and finally forex bureaus, converting the US dollars into Nigerian Naira becomes cheap respectively. Using any of these means also depends on the current dollar holder’s status like doing an international business or just a tourist.

Additionally, using the currency converter tools will help determine whether the dollars at your hand will be enough for your transactions in Nigeria. Nobody wants to lose their hard-earned dollar, therefore using the cheapest exchange platforms in Nigeria will help you convert the Dollar to Naira at maximum value.

What Are Some Apps That Convert Dollar To Naira?

Below is a list of some apps you can use to convert Dollars to Naira.

  1. Wise Currency Converter: This app provides real-time exchange rates and allows you to convert USD to NGN at the mid-market rate. You can also set up rate alerts and track the exchange rate over time. You can access it through their website or mobile app.
  2. Dollar to Naira Converter: This app is available on Google Play Store and allows you to calculate and convert live currency rates from USD to NGN and vice versa.
  3. US Dollar to Nigerian Naira: This app is also available on Google Play Store and allows you to convert your Naira to Dollar or Dollar to Naira easily.

Can I Change My Dollar To Naira In The Bank?

Yes, you can change your dollar to naira in the bank. The exchange rate varies from bank to bank and is subject to change. You can check the current exchange rate of the US dollar to the Nigerian Naira. It is advisable to compare the rates of different banks before making a transaction. If you have a US dollar account with a Nigerian bank, you can also receive dollars in your account. However, the bank will convert the money using its official dollar to naira rate before crediting your account with the equivalent.

Is It Legal To Buy Dollars In Nigeria?

Yes, it is legal to buy dollars in Nigeria. According to the Central Bank of Nigeria (CBN), it is legal to buy US dollars from any licensed commercial bank in Nigeria, regulated by the CBN. The banks are required to sell dollars to both account holders and walk-in customers 18 years and above with a valid means of identification. However, it is not possible to buy dollars directly from the CBN because it is not a commercial bank.

Please note that there was a statement made by the CBN governor in July 2022 that using the naira (Nigeria’s currency) to buy dollars is illegal. However, experts have said that this statement is unenforceable and that buying dollars from Nigerian banks is still legal.

Can I Withdraw Dollar From My Dollar Account In Nigeria?

Yes, you can withdraw dollars from your dollar account in Nigeria. The easiest way to withdraw money from your dollar account is by walking to any bank branch near you; however, it must be the same bank with which you opened your account. Walk to the bank customer service and make clear your intentions. He/she should be able to direct you on how to go about the remaining processes.

In some cases, small branches complain of not having enough foreign currency at their disposal. If that’s the case for you, then you might have to leave that small branch and go to a bigger one. The bank should be able to give you your cash in the exact currency of your dollar account. Thereafter, you can proceed to any Bureau De Change office near you to convert your dollar notes to the equivalent value in naira, based on the current exchange rate.

Withdrawing money from your dollar account in foreign currency and then visiting a Bureau De Change office is by far the best option. Most BDC offices convert funds using the black market rate, which is by far more profitable to individuals with dollars looking to buy naira.


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