How to convert 1 US dollar to the Naira

Converting one US dollar to Naira is something you'd probably want to do if you want to buy or sell dollars. In Nigeria, the Naira has been depreciating against the US dollar for quite sometime now(about 20 years) and so one has to keep seeking for updated information on what the local exchange rate is for the Dollar.

Convert $1 to Naira now

Exchange rates are constantly changing and the case is the same in Nigeria. The CBN and banks use the official rates when doing their business, however most people don't get to buy or sell dollars at the official rate in Nigeria and they have to patronize the services of black market dealers.

The price of the USD against the Nigerian Naira is normally determined by the forces of demand and supply and this is seen in the country's import and export index. When a country imports more than it exports, it tends to create a high demand for the exporting country's currency and that's why the US dollars has appreciated against the Naira - It has a growing demand.

Once you've identified what the official rates are, then you'd be able to set a benchmark of what the black market price is probably going to be, which is higher than the official rates.

There are a lot of black market forex dealers in Nigeria and they sell foreign currencies like the US dollar at a higher rate than the official rates and even there is public perception that the Nigerian banks are behind these black market dealers all with the purpose of making profit.