Naira to Dollar: How To Convert Naira to USD With Today’s Exchange Rate

A currency converter app or website is the most common tool for converting naira to USD with today’s exchange rate. Nigerian Naira abbreviated as NGN is the official currency of Nigeria. This means that most citizens of Nigeria use Naira for their day-to-day financial transactions. However, those who wish to visit the US have to find a way to exchange or convert their Naira to dollars (USD). This is because the official currency of the United States is the dollar.

Furthermore, when you are applying for a visa to visit The US and indeed any country in the world that uses USD as their base currency, you will be required to pay visa application fees in USD and provide proof that you are able to foot the travel and accommodation expenses in this currency. This means that you have to convert the Naira you intend to spend on your journey’s destination into USD.

This undertaking; however, is not as easy as it seems. There are intermediaries all over who intend to capitalize on your ignorance and swindle you of your hard-earned money. The exchange rates differ each day and depend on the global financial market.

The best exchange rates are provided by the Central Bank of Nigeria although there are many other foreign exchange institutions in the country. Here, we are going to show you risk-free steps on how to convert Nigerian Naira to US dollars. The only item you will be required to have is a valid passport.

How Can I Convert Naira to US Dollars?

You can convert naira to US Dollars using a currency converter app or website, which is the most commonly used platform. You can also make use of money or bank exchange services to convert naira to US dollars.

Whichever method you choose, keep in mind that you will pay for the exchange rate and it varies depending on the market condition currently.

What are Some Apps that Convert Naira to Dollars?

The most common apps that convert naira to dollars are Alat by Wema, Bitsika, Barter, Fundall, Cashbuddy, Mintyn, Chippercash, Kuda, and Ever Send. Other apps that are worthy of mention are Currency Converter, Oanda Currency Converter, and XE Currency Converter.

These apps provide up-to-date exchange rates and are available on both Google PlayStore and App Play Store for Android and iOS devices.

Can I Change My Dollar to Naira in the bank?

Yes. You can change your dollar for Nigerian naira at the majority of Nigerian banks. Most banks have a specific area dedicated to currency exchange, where you may need to show proof of identity. A small fee may be charged for the transaction, and the rate of exchange might not be the same as the current market rate.

Using a bank to convert dollars to naira provides security, quickness, and ease, which are the primary driving forces behind people making this choice. You won’t have to worry about finding a dependable money exchanger either.

Is it Legal to Buy Naira With Dollars in Nigeria?

It is legal to buy naira with dollars in Nigeria. This is a common practice for both people who live in the country and those who are visiting. However, it is wise to check for any updates from the Central Bank of Nigeria (CBN) prior to buying.

It is also important to remember that the CBN has guidelines in place concerning the buying and selling of foreign currency.

See also  How to Activate and Use First Bank USSD Code

foreign exchange - How To Convert Nigerian Naira to US Dollars

Here are some useful Steps on How To Convert the Nigerian Naira to US Dollars

Step 1: Find a reputable foreign exchange institution

The first thing to do is to visit the official website of the Central Bank of Nigeria and see the current exchange rates. This will act only as a guide to help you find a reputable international exchange institution, which offers competitive conversion rates.

You must realize that foreign exchange agents will have a little bit disadvantageous rates compared to banks. Do your homework to ensure these agents do not take undue advantage of your ignorance.

Step 2: Present your passport at the Central Bank of Nigeria

Go to the branch of the Central Bank of Nigeria, reach out to any teller and inquire about currency conversion services. You will be expected to produce a valid passport in order for the transaction to be completed.

Present it to the banking officer you find there and ask him or her to help you convert your Naira to dollars. If everything is in order, you will receive your dollar bills as you choose to have them.

The prevailing exchange rate will give you an idea of how much Nigerian naira you need to carry with you to the banks for exchange. Once you have the money ready, go to the branch of the Central Bank of Nigeria situated in all 36 states of the country. The address of the headquarters branch is Zaria Street, Garki II, Abuja, Nigeria.


How to Convert Naira to Dollars in the USA

Here’s how to Convert Naira to Dollars in the USA. People convert naira to dollars for many reasons. So, if you find yourself deficient in USD while in the US and yet you have some naira, you can still make the exchange right there. This is how to go about it.

Step 1: Locate a foreign exchange office

The best place to find a foreign exchange office in the United States is any of the numerous international airports. However, they do not offer rates that are as competitive as those offered elsewhere. If you have the time and the resources to look for these foreign exchange institutions, Good! If not, you will have to make do with the ones at the international airports.

Before you head to the foreign exchange institution, you need to call them or visit their official websites to find out if it deal in Nigerian naira and make a comparison between the rates. Only then can you pick the right institution to do your conversion?

Step 2: Making the exchange

Visit the institution you settled on with your passport and the amount of Naira you wish to exchange. The professional at the teller will execute your wish and give you the money in United States dollars. Sign the necessary documents and count your dollars before you leave the counter just to be sure everything is right.

The best way to convert Naira to dollars if you are a  frequent traveller between Nigeria and the US is to own a bank account in the United States. You will have an international ATM card that allows you to access your money in whatever currency you would like without going through the hassle with international exchange agents. This will save you time and money.


Featured Today

Read This Next