“We believe there is room for incremental positive surprises with respect to reform depth and execution speed. “We remain long USD/NGN via non-deliverable forwards (NDFs) as well as OW emerging markets bond index global diversified (EMBIGD) index as we expect further positive catalysts to materialise in the near-term. “While it will take a few days for USD/NGN spot to settle, we fully expect an initial overshoot towards the parallel market rate of -750 or higher, after which, we expect USD/NGN to settle in the high 600s over the coming months,” the statement reads. The naira, during trading hours, sold for between N750 and N755 per dollar before appreciating to close at N664.04.Īnalysing the naira float, JP Morgan said although it would take a few days for the dollar/naira spot to stabilise, it fully anticipates an initial overshoot towards the parallel market rate of below 750 or higher. The Central Bank must work towards a unified exchange rate”. The apex bank’s new policy followed a declaration by President Bolu Tinubu that the “monetary policy needs thorough house cleaning. On Wednesday, the Central Bank of Nigeria announced the unification of all segments of the forex exchange (FX) market, signalling that the exchange rate will now be decided by market forces. The financial institution made the projection in a statement on Thursday. This will save you time and money.JP Morgan, an American multinational financial services firm, says the naira is expected to appreciate, and trade at about N600 to the dollar in the coming months. You will have an international ATM card that can allow you to access your money in whatever currency you would like without having to go through the hassle with the international exchange agents. The best way to convert Naira to dollars if you are a frequent traveller between Nigeria and US is to own a bank account in the United States. Sign the necessary documents and count your dollars before you leave the counter just to be sure everything is right.īonus: How To Open a Business Account with GTBank Nigeria The professional at the teller will execute your wish and give you the money in United States dollars. Visit the institution you settled on with your passport and the amount of Naira you wish to exchange. Only then can you pick the right institution to do your conversion. Do your homework to make sure that these agents do not take undue advantage of your ignorance.īefore you head to the foreign exchange institution, you need to call them or visit their official websites to find out if it deals in Nigerian naira and make a comparison between the rates. You must realize that foreign exchange agents will have a little bit disadvantageous rates compared to that of the banks. This will act only as a guide to help you find a reputable international exchange institution, which offers competitive conversion rates. The first thing to do is to visit the official website of the Central Bank of Nigeria and see the current exchange rates. Here are some useful Steps on How To Convert Nigerian Naira to US Dollars Step 1: Find a reputable foreign exchange institution Here, we are going to show you risk-free steps on how to convert Nigerian Naira to US dollars. The only item you will be required to have is a valid passport. The best exchange rates are provided by the Central Bank of Nigeria although there are many other foreign exchange institutions in the country. The exchange rates differ each day and depend on the global financial market. There are intermediaries all over who intend to capitalize on your ignorance and swindle you of your hard-earned money. This undertaking however, is not as easy as it seems. This means that you have to convert the Naira you intend to spend on your journey’s destination into USD. This is because the official currency of United States is dollars. Furthermore, when you are applying for a visa to visit The US and indeed any country in the world that uses USD as their base currency, you will be required to pay visa application fees in USD and provide a proof that you are able to foot the travel and accommodation expenses in this currency. However, those who wish to visit US have to find a way to exchange or convert their Naira to dollars (USD). This means that most citizens of Nigeria use Naira for their day-to-day financial transactions. Nigerian Naira abbreviated as NGN is the official currency of Nigeria.
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