Money Market

Nigerian Naira No Longer N380 Or N390 Per United States Dollar, Here Is The New Value

The United States Dollar(USD) and The Nigerian Naira(NGN) spot exchange rate specifies how much one currency worth in term of the other, which is the Nigerian Naira(NGN). While the United States Dollar spot exchange is quoted and exchange in the same day a the USD and NGN forward rate is quoted today.

At the advent of democratic rule in 1999 under the PDP, the US dollar was sold for N21.89; the naira value under former President Goodluck Ebele Jonathan, was 125 while he met it at 95 per United states one(1) dollar. On May 29, 2015, under the All Progressive Congress(APC) it was N199. Since then, Naira value keep on demoting, On 1st January 2016, 1 USD is equal to 196.75NGN, on 13th January 2017 1 USD rate at 315.0, in January 12 2018, 1 USD is rated at 357.00, While on the 5th January 2019 1 USD is rated at 365.50.


January 16 2020, The maximum rate was 391.64,The minimum rate was 361.75 and the average rate was 378.47. In February 4 2020,the rate was 364.07, in march 10th 2020,the rate was 366.56, March 20th the rate was 370.01 it keep increasing as of 31st March it was 391.64 which is the maximum rate so far in 2020. As of April 1st just a day interval the rate reduced to 388.88, again as of April 30th the rate increased to 390.03, on May 1st it was 389.51 and May 31st the rate was 387.04. In June 1st 2020, the rate was almost the same with that of May 31st which is just 6 kobo interval at 387.10 and as of June 30th the rate still remains 387.21. July 1st the rate was 387.88 and as of today the stock exchange rate of 1 dollar to naira is 389.88.

The Central Bank of Nigeria(CBN) is in charge of issuering of all legal tender money here in Nigeria throughout the nation federal. The CBN department of currency operation management is in charge of currency designs, disintegration of bank note, procurement, supply/distribution.


$1 = ₦387.50

$10 = ₦3,874.98

$20 = ₦7,749.96

$50 = ₦19,374.90

$100 = ₦38,749.80

$500 = ₦193,748.99

$1,000 = ₦387,497.97


₦1 = $0

₦10 = $0.03

₦20 = $0.05

₦50 = $0.13

₦100 = $0.26

₦500 = $1.29

₦1,000 = $2.58

In Black Market, 1 USD is Sell at 470.00 while buy at 462.00 and at Stock Market is Rating 389.88.


Dominic Nwodo

One Of The Best Content Creator/Blogger In Nigeria. ?DM Me For Business 08109211747

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