Nigerian Naira (NGN)
What the Nigerian Naira is, who issues it, and where it's used, with a live converter preset to NGN.
Nigerian Naira (NGN)
- ISO code
- NGN
- Symbol
- ₦
- Subunit
- 100 kobo
- Issued by
- Central Bank of Nigeria
- Exchange rate regime
- Floating (since the 2023 unification of exchange rate windows)
The naira replaced the Nigerian pound in 1973. For many years Nigeria ran several official exchange rates at once, plus a widely used parallel market rate that could be far weaker than the official one. In 2023 the central bank unified the official windows and let the naira float, which led to a steep fall in its value.
Nigeria is Africa's largest oil producer, so oil prices have a strong influence on how many dollars flow into the country. Remittances from the Nigerian diaspora are also a large source of foreign currency. The rate shown here is the official market rate, which is what banks and most formal transfer services use.
Where it's used
- Nigeria
Convert NGN
| NGN | USD |
|---|---|
| 1 NGN | - |
| 5 NGN | - |
| 10 NGN | - |
| 25 NGN | - |
| 50 NGN | - |
| 100 NGN | - |
| 250 NGN | - |
| 500 NGN | - |
| 1,000 NGN | - |
| 5,000 NGN | - |
| 10,000 NGN | - |
| USD | NGN |
|---|---|
| 1 USD | - |
| 5 USD | - |
| 10 USD | - |
| 25 USD | - |
| 50 USD | - |
| 100 USD | - |
| 250 USD | - |
| 500 USD | - |
| 1,000 USD | - |
| 5,000 USD | - |
| 10,000 USD | - |
Calculated from the same live mid-market rate as the converter above. Your bank or card will usually quote a slightly worse rate plus any fees.