If you need to send money to a loved one in Nigeria, you will need to start with your local currency – whether that’s U.S. or Canadian Dollars, British Pounds or Euros. As part of the currency transfer, those funds will be converted into Nigerian naira (the money of Nigeria) for the recipient.
You probably already know that currency rates fluctuate frequently; the amount of naira that one dollar, pound, or euro will buy today will likely be more or less than it was a week, a month, or a year ago. There are no guarantees when it comes to currency valuations and exchange rates. However, it is interesting to review trends over time.
Comparing U.S. Dollars to the Money of Nigeria
As of the date of this writing, one U.S. Dollar is equal to more than 350 Nigerian naira. That figure has gone up considerably over time. In 2013, one U.S. Dollar was worth less than 200 naira. In late 2016/early 2017, the number of naira you could receive from one U.S. Dollar rose to more than 300.
Comparing Canadian Dollars to the Money of Nigeria
Similarly, one Canadian Dollar is worth more than 280 Nigerian naira today, a number that has risen since the end of 2016. Prior to 2017, someone exchanging Canadian Dollars for Nigerian naira would have received fewer then 200 naira for each dollar.
Comparing British Pounds to the Money of Nigeria
The British Pound is also stronger today, relative to the Nigerian naira, than it has been over the past several years. In 2013, 2014 and much of 2015, exchange rates for one British Pound remained under 300 naira. Today, someone exchanging a Pound for a naira might expect to receive more than 450 naira.
Comparing Euros to the Money of Nigeria
Not to be outdone, exchange rates for the Euro have followed a similar trajectory to that of dollars and pounds. While for the past several years, one Euro could be exchanged for roughly 200 naira, that number has risen to more than 400 naira today.
Choose Ping Express for Transferring Money to Nigeria
Of course, currency exchange rates can – and do – fluctuate over time, but it can be helpful to understand general trends.
Whether you are in the United States, Canada, Great Britain or the European Union, you can count on Ping Express to provide fast, reliable and safe money transfers to Nigeria – at competitive rates, and with no hidden costs.
Ping Express offers a simple, user-friendly interface, the flexibility that comes from being able to transfer U.S. or Canadian dollars, British pounds or Euros to Nigerian naira anytime – from virtually anywhere. All you need is an internet connection and the free Ping Express app to get started. Ready to find out just how convenient it is to use Ping Express when you need to transfer money to family and friends in Nigeria? Check out our short “How it Works” video. Then, visit the Google Play Store (Android) or iTunes Store (Apple) to download our free app.
Still have questions? Complete our easy online contact form or chat live with an agent on our website.