So, How much is Dollar to Naira exchange rate today 2019? I mean ‘what is the conversion of USD to NGN?’
Talking about dollar to naira today, it is amazing how a currency that was not the initial currency in Nigeria has become more popular than its predecessor, pounds.
Did you know that the late Chief Obafemi Awolowo coined the Nigerian currency name, ‘NAIRA’ from ‘Nigeria?
Although, the dollar, is not the only foreign currency involved when talking Naira exchange rate in Nigeria.
As the exchange rate of pounds to naira, euros to naira are not so far away from the knowledge of the price of dollar to naira.
The presence of these foreign currencies in the country is evidence of interaction between Nigeria and those countries and this has kept the global economy going.
Here’s the logic, the currency with more presence in the country indicates the level of imports from that country the currency is peculiar to.
It is not strange to see the curiosity of dollar to naira today on the high as Nigeria and the United States of America interact frequently.
So if you want information on one dollar to naira now, this article presents accurate information and I am starting by answering our question straight up.
How Much Is Dollar To Naira Exchange Rate Today Black Market 2019?
The current exchange rate of dollar to naira today in the black market stands at:
Buy Rate: N358/dollar & Sell Rate Is: N361/dollar
Did you know that a parallel market is also known as the black market in the dollar to naira today market?
Central Bank of Nigeria CBN Exchange Rate Today
The CBN exchange rate of 1 dollar to Naira today is #306/307.
One of the functions of the central bank of Nigeria, among others, is ensuring stability of the foreign exchange market.
This responsibility has been entrusted on CBN due to the flightiness experienced in the past when it came to foreign exchange.
The central bank of Nigeria officially pegs the naira exchange rate through weekly auctions.
GTBank Dollar to Naira Exchange Rate
GTbank is one of the top commercial banks in Nigeria with strong base for international transactions.
The bank has maintained the frontline when it comes to internet banking and is not lagging behind in the foreign exchange market.
GT Dollar to Naira exchange rate is N360
History of Dollar To Naira Bank Rate Today
Nigeria was colonized by Great Britain and gained independence on the 1st of October, 1960. There was no such thing as dollar to naira today then.
It was not until 13 years later after independence did Nigeria stopped using the colonial masters’ currency, pounds.
Did you know that Nigerian currency used to be Pounds?
The 1st day in the month of January 1973 saw naira and kobo replace pounds and shillings officially and permanently.
The history of Nigeria is never complete without her currency. Prior to these dates mentioned, dollar had been in existence but had not found its way to Nigeria to have a dollar to Naira today exchange rate.
The United States dollar was not known worldwide as history has it that it was less received favourably in the 19th century.
Did you know that the first dollar to naira today exchange rate was recorded in the year 1973 as $0.658: #1 in the parallel market?
It was until year 1973, that interaction between the two countries could convert USD to naira.
- Year 1972, $1 = #0.658
- Year 1973, $1 = #0.658
- Year 1974, $1 = #0.63
- Year 1975, $1 = #0.616
- Year 1976, $1 = #0.62
- Year 1977, $1 = #0.647
- Year 1978, $1 = #0.606
- Year 1979, $1 = #0.596
- Year 1980, $1 = #0.55 (BM: 0.9) Note: BM = black market.
- Year 1981, $1 = #0.61
- Year 1982, $1 = #0.673
- Year 1983, $1 = #0.724
- Year 1984, $1 = #0.765
- Year 1985, $1 = #0.894 (BM: 1.7)
Importation was not as easy as it is now; there were more rigid restrictions then, including foreign exchange.
This brought about the birth of black market that has grown to often decide the exact buying rate of dollar to naira today.
The difference between the official and black market exchange rate grew by the day, no wonder General Ibrahim Babangida launched the Second Tier Foreign Exchange Market, SFEM on the 26th of September, 1986.
- Year 1986, $1 = #2.02 (BM: 3.9)
- Year 1987, $1 = #4.02 (BM: 5.9)
- Year 1988, $1 = #4.54 (BM: 6.7)
- Year 1989, $1 = #7.39 (BM: 10.7)
- Year 1990, $1 = #7.39 (BM: 10.7)
- Year 1991, $1 = #8.04 (BM: 9.3)
- Year 1992, $1 = #9.91
This was done to determine the naira exchange rate for the market, by the market. The scheme went along with the former head of state when he exited.
Hmm…it was not thought of that the dollar to Naira then would still climb up the leader when General Sani Abacha started his rule from 1993 – 1998.
Two years after he ascended the seat of power, he introduced another reform called Autonomous Foreign Exchange Market, AEFM.
This reform allowed the Central Bank of Nigeria to sell the exact dollar to naira today rate to individuals not just the so called ‘permitted’ buyers.
Oil was still a boom in the nineties, sold at $20 per barrel, but the greediness that turned it to oil boom started way back from present today.
The dollar to naira today that was stable at $25 did not live long and the more the wolves helped themselves, the lesser the amount of dollars for supply, hence, the strengthening of the black market.
- Year 1993, $1 = #17.3 (BM: 21.9)
- Year 1994, $1 = #22.33 (BM: 56.8)
- Year 1995, $1 = #21.89 (BM: 71.7)
- Year 1996, $1 = #21.89 (BM: 84.58)
- Year 1997, $1 = #21.89 (BM: 84.58)
- Year 1998, $1 = #21.89 (BM: 84.70)
- Year 1999, $1 = #21.89 (BM: 88 – 90)
The black market became fully grown with so much developed wings it flies itself as where to exchange current dollar to naira today.
The foreign exchange business bloomed despite all odds and the good thing that came with this news was the affordability of licence.
The black market exchange rate did not stay steady over the years as it increased more than it reduced in favour of dollar.
- Year 2000, $1 = #85.98 (BM: 105)
- Year 2001, $1 = #99 – #106 (BM: 104 – 122)
- Year 2002, $1 = #109 – #113 (BM: 122 – 140)
- Year 2003, $1 = #114 – #127 (BM: 135 – 137)
- Year 2004, $1 = #127 – #130 (BM: 137 – 144)
- Year 2005, $1 = #132 – #136
Nigerians kept themselves updated with the dollar to naira today rate by finding out how much is dollar to naira exchange rate today?
And with each passing year did the dollar to naira today varied. When asked, how much is dollar to naira exchange rate today? I say the dollar to naira today is way higher than what it used to be.
- Year 2006, $1 = #128.5 – #131.8
- Year 2007, $1 = #120 – #125
- Year 2008, $1 = #115.5 – #120
- Year 2009, $1 = #145 – #171
- Year 2010, $1 = #148.21 – #154.8
- Year 2011, $1 = #151.05 – #165.1
- Year 2012, $1 = #155.09 – #161.5
- Year 2013, $1 = #153.21 – #162.9
- Year 2014, $1 = #170 – #199
- Year 2015, $1 = #199 – #300
- Year 2016, $1 = #390 – #489
- Year 2017, $1 = #305.8
- Year 2018, $1 = #360
- Year 2019, $1 = #306.5 (BM: 384)
Also Read: Abokifx Naira to Dollar exchange rate today
What Is 1000 Dollars To Naira And Other Nigerian Currency To Dollar Exchange Rate
What is 1000 dollars to naira? According to latest update on exchange rate, it is
- 1 dollar to naira is #360 at (360*1)
- 100 dollars to naira conversion is #36, 000 at (360*100)
- $500 to naira is #180, 000 at (360*500)
- 1000 dollars to naira is #360, 000 at (360*1000)
- 1, 500 dollars to naira is #540, 000 at (360*1500)
- $2, 500 to naira currency is #900, 000 at (360*2500)
- $5, 000 to Nigerian currency is #1, 800, 000 at (360*5000)
- 10, 000 dollars to Nigerian naira is #3, 600, 000 at (360*10, 000)
- 1 million naira in dollars is 2,777.78
What Is The Current Western Union Dollar To Naira Exchange Rate Today?
The current western union dollar to naira exchange rate today is #302.5.
What Is 1 Canadian Dollar to Naira
The currency exchange rate of 1 Canadian dollar to naira is #268.20
Euro to Naira Bank Rate Today
It was born on the 1st of January, 1999; as a means of harmonizing the 28 different economies of the European Union.
It was not until the year 2002 that the circulation of this currency began in notes and coins, replacing the former currencies.
Nigeria does not have her nose buried in the pages of dollar to naira today only but also is curious to know the Euro to Naira bank rate today.
The Euro to Naira Bank Rate Today is 1£ = #402.93
History of The Nigerian Naira And Dollars With Facts
- Naira replaced pounds in Nigeria on the 1st of January, 1973.
- The first Nigerian banknote to have the picture of her citizen is #20 and it emerged on the 11th of February, 1977.
- The 227 years old dollar was created on the 2nd of April, 1792.
- Naira used to be of higher value than dollar until 1986.
10 Factors Affecting Increase and Fall In Price of Dollar Rate In Nigeria
While we grumble about the increase and fall, in price of dollar rate in Nigeria that has barely favored us as at in the past, we have ourselves to blame in most aspects.
The factors that affect the dollar to naira today are within the country as one need not go to a foreign university to study it.
These factors include, but not limited to the following:
- Heavy dependence on the oil as an almost sole source of foreign exchange. Unfortunately, it is not an oil boom anymore.
- Lack of innovation that has wrought less productivity and encouraged more importation than exportation.
- Poor quality standards or control of products, in some cases, that has eroded reliability on country made goods but instead relied on foreign products.
- Greediness, selfishness, wickedness, inconsideration, and self centeredness of those at the top. This has done more harm than good just like General Sani Abacha regime.
- Brain drain: The migration of Nigerian citizens to the united states either for better education or health care also influence the rise and fall in price of dollar rate.
Dollar to Naira Rate Today (Summary)
I hope you’ve found this piece about dollar to Naira so informative. Be rest assured that this post will be updated every day.