Currency exchange in Nigeria: Nigerian Naira vs World Currencies

It is ideal for every Forex trader to know how the Nigerian Naira exchanges against other currencies in the Forex market. In the Forex market, there are the most popular and top traded currencies and these are usually currencies used by top countries in the World with very vibrant economies. Below is how the Nigerian Naira Exchanges against these top world currencies.

US Dollar (USD) to Nigerian Naira (NGN)

1 USD – 360 NGN

The US Dollar is and still remains the most popular foreign currency in the foreign exchange market. It is the official currency of the United States of America and It is a benchmark currency used in trading against other foreign currencies in the market. The exchange rate of the USD to NGN has been a bit stable over the past months but it still does not favour the Naira.

European Euro (EUR) to Nigerian Naira (NGN)

1 EUR – 403.87

Everyone in the Forex market knows the Euros, it is the official currency of most the giant countries in Europe. Over the past months, the Naira has continued to appreciate against the Euro over the exchanges but the Naira is still at a drowning position.

Japanese Yen (JPY) to Nigerian Naira (NGN)

1 JPY – 3.23 NGN

The Japanese Yen is the currency used in the very developed Asian country, Japan. In the recent exchanges, the Naira exchanges a little bit low against the Japanese Yen. Though not too bad, it will be better for Forex traders if it appreciates more.

British Pound (GBP) to Nigerian Naira (NGN)

1 GBP – 470.60

A lot of countries makes use of the Great Britain’s Pounds and Sterlings and it is one of the highest currencies in the world. For the past year, the rate has been a bit stable, appreciating and depreciating with a very small difference but it is really poor and not favourable for Nigerians.

Canadian Dollar (CAD) to Nigerian Naira (NGN)

1 CAD – 269.55 NGN

The CAD is the currency of Canada and it is known as a very volatile currency over the exchanges. The Naira rate to that of the Canadian Dollar has been on the high side for a long while and there is no sign of the Naira appreciating anytime soon.

Swiss Franc (CHF) to Nigerian Naira (NGN)

1 CHF – 359.99 NGN

This is yet another top and hot currency in the foreign exchange market, it is the official currency for 2 countries, Switzerland and Liechtenstein. Yet again, the Nigerian Naira performs poorly when placed against the CHF. But, it has appreciated from the rate it was being exchanged over the last 3 months.