Nigerian Naira - NGN
USD - NGN exchange rate today: 789.046 (+0.00%)
GBP - NGN exchange rate today: 1002.88 (+0.00%)
The currency code NGN is used for the Nigerian naira. You may also see the symbol ₦ used to refer to naira. One naira is made up of 100 kobo. Naira has been the official currency of Nigeria since 1973. It's a fiat currency, and is issued and regulated by the Central Bank of Nigeria.
Mid-market rates, correct as of 2nd December 2023, 22:00 GMT.
What is NGN currency?
NGN is the currency code for the Nigerian naira. In fact, the name of the currency - naira - is said to be a contraction of the name of the country, Nigeria.
When was the NGN introduced?
The Nigerian naira was introduced in 1973 and replaced the Nigerian pound. Naira coins were the first used in the country to be minted as an independent country - the currency up to that point had featured the British Queen Elizabeth as part of the design.
What is the currency symbol for Nigerian naira?
The currency symbol for the Nigerian naira is ₦. You might also see NGN used by banks and currency exchanges - this is the standard international currency code for the naira.
How much is a Nigerian naira dollar worth?
Since 2016, NGN has been a floating currency. That means that its value changes according to supply and demand on the global currency market. In fact, the value of naira has changed greatly over the years, with high inflation in Nigeria playing a key part in this. Back in 2008 there were plans to redenominate NGN, implementing a new naira which would be the equivalent to 100 old naira - however this has not yet taken place, and plans to change the value of the currency have been shelved.
To find out the current value of the Nigerian naira against your currency you can use a Google search or find a reputable online currency converter tool. This will show the mid-market exchange rate for your currency against NGN.
Best USD-NGN exchange rate?
The exchange rate for US dollars to nigerian naira will change all the time due to fluctuations in global currency markets. You'll be able to find the live exchange rate for USD-NGN, or any other currency pairing for that matter, using a Google search or online currency converter tool. This will bring up the mid-market exchange rate - the one used on wholesale markets.
It's good to know that banks and currency exchange services don't always offer the mid-market exchange rate to regular retail customers. Instead you might find a markup or margin has been added to the rate on offer. Compare the rate your provider will use against the mid-market exchange rate - if there's a difference that's probably because of a markup. You may get a better deal if you find a service which offers the mid-market exchange rate and charges a low, transparent fee for currency exchange.
Is NGN pegged to USD?
NGN is a free floating currency. It is not pegged to the value of the USD.