1 NGN to USD - Convert Nigerian Naira to US Dollar

Looking at the 30-day window, the NGN/USD pair traded in a range of 0.000700 to 0.000800. The monthly average was 0.000704 with 2.6% volatility. This upward movement of 4.3% suggests significant momentum in the NGN/USD exchange rate.

The current mid-market exchange rate is 1 NGN = 0.000736 USD, updated as of June 13, 2026, 2:26 AM UTC. Mid-market rates represent the fairest available rate and are the midpoint between buy and sell prices on global currency markets. Actual transaction rates from banks or money transfer services may include a markup above this rate.

Nigerian Naira to US Dollar Exchange Rate

NGN/USD reflects the dollar purchasing power of the Nigerian naira, a currency that has undergone dramatic changes since the 2023 rate unification. Nigeria is Africa's most populous country and largest economy, and the naira's value against the dollar directly affects the cost of imports that the country depends on for fuel, food, and manufactured goods.

The Import Dependency Trap

Despite being Africa's largest oil producer, Nigeria imports nearly all of its refined petroleum products because its domestic refineries have operated far below capacity for decades. This creates an unusual situation where an oil-producing nation is a net importer of fuel in dollar terms. Add in food imports (Nigeria imports significant quantities of wheat, rice, and fish) and manufactured goods, and the country's dollar demand far exceeds what oil exports alone can supply. The massive Dangote Refinery, which began operations in 2024, aims to change this equation by refining crude domestically, potentially reducing the dollar outflow for fuel imports by billions annually. If successful, it could be the single most impactful event for naira stability in a generation, reducing the structural dollar demand that has pressured the currency for years.

What Drives the NGN/USD Rate

Oil production volume and prices, CBN monetary policy, foreign reserve levels, diaspora remittance inflows, import demand, and investor confidence are the primary factors. The Dangote Refinery's ramp-up progress has become a closely watched factor for naira sentiment. Government fiscal policy, security conditions affecting oil production in the Niger Delta, and the effectiveness of ongoing economic reforms also weigh on the rate.

What a Conversion Really Costs

The naira market remains volatile and spreads are wide. Banks charge 3-7% above mid-market. Bureau de change operators in Lagos offer 1-3%. For Nigerians buying dollars for tuition, medical treatment abroad, or business imports, the cost of conversion is a major expense. Digital banking platforms like Kuda and Opay have improved domestic forex access but outward conversion remains subject to CBN regulations and availability.

How to Get the Best NGN to USD Rate

Check the mid-market rate on this page. Compare bureau de change rates in Lagos and Abuja, as they can vary significantly between operators. For PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) allocations through banks, apply early as dollar availability can be limited. Digital platforms may offer better transparency on rates even if the underlying spread is similar to banks.