The conversion rate of the United States dollar to the Nigerian Naira experience marginal changes almost daily. However, with a knowledge of the current naira/dollar rate, which will be discussed in this article, you will be able to find out how much a thousand dollars is worth when converted to the local currency, Naira.
Before proceeding to the current exchange rate of $1000 to Nigerian Naira, it is important to note that you can change the greenback currency through either the I&E (Investors and Exporters) window segment of the exchange market or through the black market (what we all call the Bureau De Change (BDC)).
This is because the exchange rate via these two platforms varies. However, the Central Bank Of Nigeria (CBN) only recognized the I&E window, that is, via banks, as the legal means to exchange forex for naira after banning sales of foreign currencies to BDCs. (More on this later)
In other words, the updates in this article are going by the exchange rate of $1/N as posted on the official segment of exchange in the market.
So what is $1000 worth in Nigerian naira today?
As mentioned earlier, the the the foreign exchange rate market changes per time for all currencies, not just dollars. And so, there is no fixed value for $1000 in Nigerian Naira.
It either goes up or slopes in value, depending on the performance of the exchange for that day and how well the CBN can moderate the forex market.
In other words, you can’t always bank on a particular source to get the latest exchange rate for a dollar-to-naira rate, except it is a real-time converter or on the FMDQ website.
However, after observing the performance of the Nigerian forex market in the last consecutive days, the worth of $1,000 in Nigerian currency is NGN410,940 as a dollar is sold for NGN410.94 at the official window as at the time of writing.
This means that when you approach a bank in Nigeria to exchange $1,000 today, you will be getting NGN410,940. But note that this price could either go up or slope down at any moment, depending on the supply and demand for forex during trading hours.
How much is $1000 to Naira in the ‘black market’ today?
The black market term refers to the BDCs,, as explained earlier. Many Nigerians who want to buy/sell dollars or other foreign currencies usually goes to the BDCs to avoid the unnecessarily long queues and stress attached to bank transactions. CBN stopped forex sales to BDC operators and stopped licensing in 2021, they still manage to operate across the country.
It would have been easy to check the black market exchange rate online. But since they are no longer recognized legally, one can only know the current price of dollars to Nigerian naira by going to their physical stores or area where they operate. BDC operators are dominated by northerners and can be easily identified.
But the last time we checked, $1000 was exchanged for NGN565,000 in the black market and subject to hourly change.
Finally, on $1000 to Nigerian Naira today
Now that you know the exchange rate of one thousand dollars to Nigerian money, it will make your calculations for other conversions easier.
Please note that the rate of dollar to naira isn’t the same as other foreign currencies, and the forex market is super volatile and changes every day!
Have a nice day.