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Ways to Convert Dollar to Naira in Nigeria

Several people have been surfing the internet on how they can convert United States dollar to Nigerian naira. If you are among this set of people, we are writing this article for you.

Also, some people have asked questions online regarding the changing of the U.S. dollar to Naira in Nigeria. We will provide answers to some of their questions as written below.

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Are you a businessman, an investor, or someone that is having transactions in dollars and you are wondering ways you can convert dollar to Naira to probably know the actual sum of the dollars you have in naira? We will provide you with the various ways you can do this in Nigeria. When we say convert dollar to naira, we mean either you are changing the physical dollar you have to Naira, or you are using a currency converting tool to just know the value of a certain amount of dollars in naira. Information Guide Nigeria

Ways to Convert Dollar to Naira in Nigeria

Read Also: How to Buy Dollars from CBN Directly

Why you should know how to Convert Dollar to Naira

For people who want to just know the worth of a particular amount of dollars in Naira, knowing how to convert the United States dollar to Naira will save you from being cheated, it will also enable you to know the actual worth of the dollars you probably received.

If you sold goods or services and you are paid in dollars, knowing how to convert the dollar to Naira will help you to know how much you are being paid. Even if you were bidding for a job, contract, or any other business transaction and it is being priced in dollars, once you know how to convert the dollar to naira, you will not be cheated.

Also, anybody in Nigeria that is in possession of the United States dollar must convert it to Naira before being able to use it for general purchase. convert dollar to naira

Read Also: How to buy dollar from Nigerian banks, requirements, things you need

Ways to Convert Dollar to Naira in Nigeria

Let’s say you have about $2,000 and you are looking for ways you can convert it to naira, you must, first of all, know the current exchange rate of Nigerian Naira against the United States dollar. Knowing this rate will help you to choose an exchange means that has a better exchange rate for you.

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You should also be careful when seeing what looks like a juicy offer with exchange rates better than the latest market exchange rate. Solskjaer: Benching Ronaldo the Correct Decision

Read Also: How to Open Dollar Account in Nigeria Online

How to convert dollars you have received to naira

1. International Credit Card:

This is one of the best ways to convert dollars to naira. You have to open a U.S. dollar bank account, after which you can apply for an international credit card. This is one of the best ways to convert the U.S. dollar to naira at a good rate, it is stress-free and extremely safe.

Once you have received the dollars in your account, you can then proceed to withdraw them in naira. Using an international credit card to convert dollar to naira will give you the current market exchange rate, it also has interbank rate benefits as well. Npower recruitment

2. Central Bank of Nigeria:

You can easily walk into any branch of the Central Bank of Nigeria and convert your dollars into Naira. You can find the CBN branch in every state of the federation. One huge benefit you will get from converting your dollars to naira at CBN is that you will convert it at the current daily market exchange rate cheaper than other ways. How to Buy Dollars from CBN Directly

3. Commercial banks:

Almost all the commercial banks in Nigeria will convert your dollars to naira. However, you may get a slightly higher rate than what you will get at the CBN. Walking into any commercial bank in Nigeria, you will see displayed daily forex exchange rate which will give you a clue on the amount you are going to get after changing your dollars to naira. dollar to naira rate

Before now, it was possible to change dollar to naira with Bureau de Change operators, but CBN recently stopped selling dollars to them because of their greed which made them exchange dollars for people and companies at a very high rate, this was affecting the stability of the naira. This is why none of the Bureau de Change operators are able to change dollars to naira for now.

Read Also: How to buy and sell dollars in Nigeria – requirements, license, things you need

How to know the value of dollar in Naira

If you are bidding for a job and it is priced in the United States dollar, you will need to quickly convert the sum of the job in dollars to naira to be able to know how much exactly you will get in naira. Doing this is easy, you can also visit; Google.com, search for ‘dollar to naira’. Google always displays only the official exchange rate and not parallel. WAEC result

Once you have searched for the words, you will see the official exchange rate displayed. Scroll below the rate to where you have 1 dollar, type in the total amount of dollars you want to convert to naira. As you type in the amount, you will see the Naira value of that dollar amount displayed in the Nigerian Naira row. JAMB form

Read Also: 10 Reasons for Dollar Shortage in Nigeria

Where can I change dollar?

You can change dollar to naira by using an international credit card after opening a U.S. dollar bank account, you can also change dollar to naira at the Central Bank of Nigeria. Lastly, you can walk into any commercial bank in Nigeria and change your dollars to naira. JAMB Result

Check and Confirm: How much is Dollar to Naira today     Pounds to Naira today

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Ifiokobong Ibanga

Ifiokobong Ibanga is the founder of InfoGuideNIgeria.com. You can get in touch with him on Instagram @ifiokobong. If you need a personal assistance on this topic, kindly send a message. Much Love!

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