Dollar to Naira Exchange Rate

How much is 1000 usd to ngn

We are usually this question a lot.1000 usd can get you about 360,000 Naira at the black market. For western union and moneygram, 1000usd fetches between 353,000 and 355,000.

Other providers have varying rates.See our exchange tables for real time information.

How the Black Market works in Nigeria

The Dollar to Naira exchange is gathered from different market dealers operating around the BDCs in Lagos state. The black market dealers, popularly known as mallams, give out average prices which would lead to a slight difference in the price of forex. Our research team have ample contact with the various black market sellers in their different locations.

Why is Black Market Popular in Nigeria?

Though the CBN rate for the dollar to the naira goes for between 304 and 305, the black market sale of dollar to naira has an upward rate of 360-365. The variation in the rates is caused by the numerous factors affecting the financial market. One of which is the inaccessibility to foreign currencies like dollars, pounds or euros.

Often times, some banks do not sell forex to willing customers and if they do, the rates are usually at the high side. The Authorised Bureau de Changers may also experience a shortage in the flow of forex. The black market, however, defies the odds by being more accessible to willing customers and having various options for buyers to choose from. The “Mallams” become an easy link connecting buyers, sellers and forex.

Currency Facts : USD
USD Stats

Name: US Dollar
Symbol: $
Cent: ¢
Minor Unit: 1/100 = Cent
Central Bank Rate: 1.25

Nicknames: greenback, buck, green, dough, smacker, bones, dead presidents, scrillas, paper
Coins: Frequently Used: 1¢, 5¢, 10¢, 25¢; Rarely Used: $1, 50¢

Banknotes: Frequently Used: $1, $5, $10, $20, $50, $100; Rarely Used: $2
Central Bank: Federal Reserve Bank
Website: http://www.federalreserve.gov

Users: United States, America, American Samoa, East Timor, Ecuador, El Salvador, Federated States of Micronesia, Marshall Islands, Palau, the Caribbean Netherlands, Puerto Rico, the United States Virgin Islands and Panama.

See specimen images of dollar bills below to identify original notes.

The US Dollar

The US dollar, the most traded currency in the forex market, is the currency of United States. In Nigeria, the US Dollar gains more ground than other currencies. Hence, it is always sort out for, unlike other currencies. That is why it is easy to access the US Dollar than a Chinese Yuan or a Swiss Franc. A dollar is divided into one hundred cents. The currency symbol is $ and the currency code is USD.

The Dollar sign is used in over twenty currencies which includes the United States, Canada, Australia, Taiwan, Hong Kong, Singapore, Belize, Liberia, New Zealand, Jamaica and Namibia. The US Dollar is the official currency of East Timor, Ecuador, El Salvador, Federated States of Micronesia, Marshall Islands, Palau, the Caribbean Netherlands, Puerto Rico, American Samoa, the United States Virgin Islands and for banknotes, Panama.

The US Dollar is not only the most traded currency in the word but also the most commonly converted currency of all time. The Dollar is called different names in different States such as the greenback, buck, green, dough, smacker, bones, dead presidents, scrillas and the paper. It is used as the standard currency for products in the global market. Its wide global acceptance informs a practice called dollarization. Countries like Zimbabwe and Ecuador use the Dollar as a legal tender for conducting transactions.

Going back to history, the Dollar was adopted as the money unit of the United States in 1785. The United States tried to make a bimetallic standard, starting by adopting a silver standard based on the Spanish Milled Dollar in 1785. But the silver coins left circulation 1806. The United States finally decoupled the value of the Dollar from gold completely in 1973.

Naira to Dollar History from 2011-2017

There have been arguments about the life lived when one naira was equal to a dollar as opposed to the recent times we live in. Some still wish to live in the 70’s and 80’s while others further argue that the strength of Naira at that time was merely artificial. Claims have risen that the IBB era encouraged a downward slide in the Nigerian currency, which was much more aggravated by General Abacha and Former President Obasanjo.

This is because Naira’s strength was not standing on a strong global market ground as over-dependence on foreign goods kept on increasing, leaving the Naira with no productive base to back it up. The heavy borrowing from the World’s financial bank did not help the situation either.

Recent times have shown the Naira moving to 360 at the Black market. Living in the present with no false illusion to the past is what would drive the future of our nation forward. Some analysts state that a weak currency should not only be considered as a disadvantage. Its advantage lies in the awakening of industrialization and production of goods and services in the home country, making goods and services available for export.

The below figure shows the gradual degeneration of Naira between 2010 to 2017.
2010 $1 = N148.21-N154.8
2011 $1 = N151.05-N165.1
2012 $1 = N155.09-N161.5
2013 $1 = N153.21-N162.9
2014 $1 = N170-N199
2015 $1 = N199-N300
2016 $1 = N300-N320
2017 $1 = N353-N360