17 May, 2022
Nigerian Naira (NGN)
Naira (NGN) is the official currency of Nigeria. It is the name of both the currency sign and the Nigerian fiat currency. This fiat currency was introduced back in 1973 to replace the Pound. While its value has fluctuated greatly over the past couple of years, at this moment, 1 NGN is equivalent to 0.0018 Payeer US Dollar.
In November 2019, the naira rate fell sharply. This decrease is mainly due to factors such as high inflation rates, rising unemployment numbers, and political instability. In Nigeria, the naira is the primary currency used for transactions. Naira is managed by the Central Bank of Nigeria (CBN). The bank controls the supply of money by managing the printing of currency notes and coins. The bank provides monetary policy guidance to the federal government, while the Federal Government guarantees the stability and value of the Naira. The bank also controls the exchange rate of the naira against foreign currencies and has been trying to keep the official rate relatively stable to prevent capital flight from the country. Experts believe that the government should look into ways of managing the exchange rate of the naira. The government has made many policies that were meant to stabilize the economy. Unfortunately, the naira still remains unstable.
The naira uses a decimal system of numbering. There are 11 denominations of the naira. In 1973, the first coins were introduced in Nigeria by the Central Bank of Nigeria, they replaced the silver-coloured coins that had Queen Elizabeth II on the front side whose use was terminated in 1959. As time went by, the denominations changed from 20 naira to 50 naira to 100 naira to 200 naira to 500 naira and 1000 naira. And today, these are circulating across Nigeria.
In 2021,Nigeria introduced its own digital currency called “eNaira”. This digital currency was designed to boost online payment transactions. Nigerians could now benefit from using their mobile phones to buy things online. Unlike other digital currencies that are subject to fraud and hacking, this one would be backed by the fiat currency of Nigeria.
PAYEER TO NAIRA CONVERTER
The Payeer to Naira converter on our homepage
can be used to convert any amount from Payeer to Naira. Use this converter for your conversion needs; it's free but we do request that you do not continue the exchange process if you only need to calculate the exchange rate without really exchanging payeer to naira.
This converter is not affiliated with payeer, nor does it represent the official exchange rate of payeer to naira. The application is meant to provide information about how much we exchange payeer to naira, and is not intended to serve as financial advice. It should not be considered legal tender nor the value of payeer be relied upon as if it were cash.
We offer the best exchange rate for payeer to naira. You can compare our rates with other competitors at the time of writing this article:
1 payeer USD = 450 naira (edozexchange.com)
1 payeer USD = 480 naira (onlinenaira.com)
1 payeer USD = 480 naira (ituglobalfx.com.ng)
1 payeer USD = 550 naira (cashex.com.ng)