Dollar ($) to Naira (₦) Price Today: The Guide to NGN/USD Exchange Rate
- Simon Zaku
- Mar 20
- 5 min read
Updated: May 11
Real-Time Rate
USD to NGN – Dollar to Naira Exchange Rate Today
Updated May 11, 2025
Welcome to IbiFoundry’s Ultimate Guide on Dollar to Naira
As of May 11th, 2025, the exchange rates for the United States Dollar (USD) to Nigerian Naira (NGN) are:
Official Rate: ₦1,612.80 per USD
Black-Market Rate: ₦1,632.00 per USD
Recent Rates
May 10, 2025
Official Rate: ₦1,611.20 per USD
Black-Market Rate: ₦1,631.00 per USD
May 9, 2025
Official Rate: ₦1,610.45 per USD
Black-Market Rate: ₦1,630.00 per USD
May 8, 2025
Official Rate: ₦1,608.90 per USD
Black-Market Rate: ₦1,628.00 per USD
May 7, 2025
Official Rate: ₦1,607.02 per USD
Black-Market Rate: ₦1,625.00 per USD
May 6, 2025
Official Rate: ₦1,605.70 per USD
Black-Market Rate: ₦1,620.00 per USD
May 5, 2025
Official Rate: ₦1,601.09 per USD
Black-Market Rate: ₦1,610.00 per USD
Please note: Exchange rates fluctuate daily based on market trends, economic conditions, and central bank policies. Always verify current rates before making currency transactions.
The exchange rate between the US Dollar and Nigerian Naira (₦) is a hot topic for a good reason. If you’re Nigerian or doing business in Nigeria, this conversion is a major part of life. So, what does this mean for you?
Here, we’ll not only give you today’s dollar-to-naira ($ to ₦) exchange rate but also take you on a journey through the history, ups and downs, and factors affecting this conversion.
Ready?
Let’s go!
Current Dollar ($) to Naira (₦) Exchange Rate Today
Real-Time Rate:
USD to NGN – Dollar to Naira Exchange Rate Today
Updated May 11, 2025
Welcome to IbiFoundry’s Ultimate Guide on Dollar to Naira
As of May 11th, 2025, the exchange rates for the United States Dollar (USD) to Nigerian Naira (NGN) are:
Official Rate: ₦1,612.80 per USD
Black-Market Rate: ₦1,632.00 per USD
Recent Rates
May 10, 2025
Official Rate: ₦1,611.20 per USD
Black-Market Rate: ₦1,631.00 per USD
May 9, 2025
Official Rate: ₦1,610.45 per USD
Black-Market Rate: ₦1,630.00 per USD
May 8, 2025
Official Rate: ₦1,608.90 per USD
Black-Market Rate: ₦1,628.00 per USD
May 7, 2025
Official Rate: ₦1,607.02 per USD
Black-Market Rate: ₦1,625.00 per USD
May 6, 2025
Official Rate: ₦1,605.70 per USD
Black-Market Rate: ₦1,620.00 per USD
May 5, 2025
Official Rate: ₦1,601.09 per USD
Black-Market Rate: ₦1,610.00 per USD
Please note: Exchange rates fluctuate daily based on market trends, economic conditions, and central bank policies. Always verify current rates before makinconditions, and central bank decisions.
Need a quick conversion? Use the Xe.com calculator to check out exactly how much your USD or NGN is worth right now!
The History of the Naira (₦) and Its Value
Let me take you back...
Before the naira, Nigeria’s official currency was the pound. But in 1973, the Central Bank of Nigeria introduced the naira, symbolizing Nigeria’s move towards a self-sufficient economy.
Back then, the naira was a powerhouse; it had nearly equal value to the British pound and even higher than the dollar!
Fast forward to today, though, and things have changed.
The naira has seen a massive decline over the decades.
Why?
Let’s dive into some of the big reasons.
The Decades of Decline: Major Events in the Dollar-Naira ($ - ₦) Relationship
Here's an interesting find.
Did you know? The naira began its descent in the 1980s when Nigeria introduced the Structural Adjustment Program (SAP).
This policy aimed to “liberalize” the economy but ended up devaluing the naira and setting a trend of instability in our currency.
Let’s break down some key moments in the dollar-to-naira story:
Key Moments in the Dollar-to-Naira ($ - ₦) Story
1986: Structural Adjustment Program introduces devaluation policies that led to a weakened naira.
2008 Financial Crisis: Global economic instability affects Nigeria, decreasing foreign investment and weakening the naira further.
2020 COVID-19 Pandemic: Oil prices plummet, leaving Nigeria’s oil-dependent economy vulnerable and further devaluing the naira.
Factors Affecting the Dollar ($) to Naira (₦) Exchange Rate
So, what’s causing the naira’s challenges?
Let’s unpack the main factors that influence the USD-NGN exchange rate and shape the economy:
1. Global Oil Prices
Here in Nigeria, we are heavily reliant on oil exports, meaning when oil prices drop, so does the naira.
Oil’s volatility directly impacts the country’s revenue, creating a see-saw effect on our currency.
Do you get it?
2. (Poor) Government Policies and Regulations
Policies by the Central Bank of Nigeria (CBN), such as forex restrictions, can swing the dollar-to-naira exchange rate.
The government has tried to protect the naira through these controls, but it often leads to scarcity, pushing up the black-market rate.
3. Inflation and National Debt
"Guy we dey collect loan for this country" (in Nigerian English for "in Nigeria, we take way too much loans")
High inflation rates eat away at the naira’s value.
And with Nigeria’s rising national debt, the country’s ability to pay it off becomes uncertain, reducing investor confidence and weakening the naira.
4. Political Stability and Leadership Changes
Every new government administration brings its economic approach, which can either stabilize or destabilize the naira.
Political instability or leadership changes make investors wary, often leading to a drop in currency value.
Dollar vs. Naira ($ vs.(₦) Daily Nigerian Life
Let’s be real...
The dollar-to-naira exchange rate isn’t just a number.
For most Nigerians, it impacts the cost of food, electronics, and even tuition fees. With every drop of the naira, the price of imports rises, affecting everything from bread to iPhones.
Imagine this—Abdul is a student studying abroad.
He relies on funds from his parents back in Lagos.
The higher the dollar goes, the more money his parents have to send to cover his expenses.
I know lots of students who went to school abroad but had to transfer back to Nigeria due to this inflation.
Suddenly, what used to be affordable now feels like a financial burden.
Even for the rich man.
Visualizing the Dollar to Naira Over Time
Want to see it laid out?
Take a look at the dollar-to-naira value from 1973 to today.
Each major shift in value is tied to specific events, like changes in oil prices, economic reforms, and international crises.
"Can the naira ever strengthen against the dollar again?"
The answer is complex, but here’s the simple truth: It would take both political stability and significant economic restructuring to restore the naira’s strength.
These are long-term efforts that involve reducing reliance on oil, boosting local industries, and strengthening the financial sector.
FAQ Section: Dollar to Naira Today
Have more questions? Check these out!
1. Why is the naira weak against the dollar?
The naira’s weakness is mainly due to dependency on oil exports, government policies, and inflation. Each of these factors plays a role in making the naira vulnerable to drops.
2. Is it possible for the naira to regain value?
Yes, but it requires big structural changes in the economy and more robust, consistent policies. It's a slow but achievable process.
3. How often does the naira exchange rate change?
The official exchange rate can fluctuate daily, while the parallel (black market) rate changes even more frequently.
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In Conclusion
The dollar-to-naira exchange rate is more than just a number—it’s a mirror reflecting Nigeria’s economic past, present, and future.
Every fluctuation carries a story, impacting families, businesses, and students across the country.
Stay with us at IbiFoundry as we break down the economy in simple terms, provide real-time currency rates, and give you the tools to make the most of your naira.
Have a great exchange day,
Simon Taki Zaku,
Founder, CEO, IbiFOundry LLC,
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