Nigerian Naira (NGN)
The Nigerian naira is the currency of Nigeria and one of the most volatile in Africa. It moved to a market-determined official rate in June 2023.
The latest available mid-market reference is 1 NGN = 0.00074084 USD. The table below shows the same rate against the other major currencies.
Key facts
Structural details reviewed . Regimes and issuing arrangements can change.
The role of the Nigerian Naira
Nigeria is the largest oil producer in Africa, but refined fuel imports and a large informal economy shape demand for dollars. The naira is not freely convertible and the official and parallel rates have diverged in the past.
A short history
The naira was introduced in 1973. A managed peg was replaced by a market-based official rate in 2023, alongside the removal of fuel subsidies.
What moves the Nigerian Naira
Oil prices and oil output, central bank policy, foreign exchange reserves and remittances. A parallel market can diverge from the official rate when dollar supply is tight.
Live NGN exchange rate
| Currency | 1 NGN equals |
|---|---|
| US Dollar (USD) | 0.00074084 |
| Euro (EUR) | 0.00066665 |
| British Pound (GBP) | 0.00055742 |
| Japanese Yen (JPY) | 0.1182 |
| Chinese Yuan (CNY) | 0.004953 |
| Indian Rupee (INR) | 0.069529 |
| Canadian Dollar (CAD) | 0.001055 |
| Australian Dollar (AUD) | 0.001081 |
| Swiss Franc (CHF) | 0.00061626 |
Mid-market rate updated . Banks and transfer providers add a margin. About our rates.
NGN conversion pages
Guides for Nigerian Naira
Other currency profiles
Nigerian Naira questions
What is the Nigerian Naira?
Nigerian Naira (NGN) is used in the following countries and territories: Nigeria. Central bank: Central Bank of Nigeria. Exchange rate regime: managed float since the 2023 liberalisation.
Which countries use the Nigerian Naira?
The Nigerian Naira is used in the following countries and territories: Nigeria.
What affects the Nigerian Naira exchange rate?
Oil prices and oil output, central bank policy, foreign exchange reserves and remittances. A parallel market can diverge from the official rate when dollar supply is tight.