Euro to Nigerian Naira Conversion. And if demand is low, they’ll have to do the opposite and … A Division of NBCUniversal. Copyright © 2009-20  BEST EXCHANGE RATES PTY LTD ABN 68082714841 All Rights Reserved. If the guarantee was to be scrapped, the franc's fixed exchange rate of 655.96 CFA to the euro would be in question, increasing exchange risk uncertainty for investors, importers and exporters. The … CIBC currency exchange rates Find out where you can access CIBC's exchange rates to compare them against what's on offer from specialist money transfer companies. Only currency issued by the Banque des Etats de l'Afrique de l'Ouest (Bank of West African States) is valid; currency issued by the Banque des Etats de l'Afrique Centrale (Bank of Central African States) is not. } This Nigerian naira to Indian Rupee (code: INR) converter is a fast and easy to use currency calculator. The Naira currency was introduced in 1973, replacing the Pound at a rate of two Naira = one Pound. France will always push for multilateralism, French lawmaker says. 1 XOF = 0.00 GBP Rate was last updated: 23 minutes ago. "@id": "https://bestexchangerates.com/country-guides/", See full details and disclaimer . We want to hear from you. When sending money to Niger it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. compare Get Daily Rate Alerts and Trends to your Inbox. In several central African states the Central African CFA franc (currency code XAF) is in circulation, such as Cameroon - Central African CFA franc. *Pegged: 1 EUR = 655.95700 XOF. While the USDXOF spot exchange rate is quoted and exchanged in the same day, the USDXOF forward rate is quoted today but for delivery and payment on a specific future date. Currency Sub Currency Afghanistan afghani 100 puls Algeria dinar 100 centimes Andorra euro 100 cents Argentina peso 100 centavos Australia dollar 100 cents Austria euro 100 cents Bahamas dollar 100 cents Bahrain dinar 1,000 fils Barbados dollar 100 cents Belgium euro 100 cents NGN Exchange Rates; Central Bank of Nigeria; Historical Exchange Rates For United States Dollar to Nigerian Naira 377 380 382 384 387 389 Aug 10 Aug 25 Sep 09 Sep 24 Oct 09 Oct 24 Nov 08 Nov 23 120-day exchange rate history for USD to NGN Quick Conversions from … "item": That imports inflation, … Exchange Rate Forecasts and Market Predictions. In 2022, the country’s revenue was estimated at $11.63 billion while the per capita income was $800. All Rights Reserved. The Currency Operations Department of the CBN is in charge of currency management, through the designs, procurement, distribution/supply, processing, reissue and disposal/disintegration of bank notes and coins. swap_vert. Analyze historical currency charts or live US Dollar / US Dollar rates and get free rate alerts directly to your email. Like all other currencies, the CFA franc is freely convertible to gold or another foreign currency. In 2020, the region is set to get a long-discussed new currency: the Eco. If demand for this currency drives the exchange rate up, they’ll need to release more of this foreign currency into the market to meet the demand. These eight countries had a combined population of 105.7 million people in 2014, and a … The currency is pegged at a fixed rate against the euro, and compels participating African countries to deposit 50% of their foreign exchange reserves with the French treasury. "Almost everyone agrees that the current system is imperfect and, in many ways, an anachronism, but while there is growing popular support for some kind of change, I don't think that there's any real consensus on the form that this would take," Ashbourne said. ] The Central African CFA franc is of equal value to the West African franc. © 2020 CNBC LLC. No, the West African Franc is freely available and convertible. INR 0.01 keyboard_arrow_right. Sign up for free newsletters and get more CNBC delivered to your inbox. Currency Exchange XOF Exchange Rates ; … Historically, the CFA Franc reached an all time high of 631.76 in December of 2016. Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much "item": "@id": "https://bestexchangerates.com/country-guides/niger-currency/", There are a variety of possible alternatives, each of which would have significant implications for the region. USD/XOF 10 year historic rates & change to 11-Dec-2020 : 541.60. you can save - we make that calculation easy in the below table. During last 30 days average exchange rate of United States Dollar in Nigerian Nairas was 381.55374 NGN for 1 USD.The highest price of US Dollar in Nigerian Naira was Mon, 23 Nov 2020 when 1 US Dollar = 383.7672 Nigerian Naira.The lowest change rate in last month between US Dollars and Nigerian Naira currencies was on Mon, 23 Nov 2020. Symbols and Names Symbols: ₦ Nicknames: none ISO 4217 Code NGN Without that fixed exchange rate, the smaller country's currency will slide. GBP. Niger President Mahamadou Issoufou (C) arrives to cast his ballot in the regional and municipal elections in Niamey, on December 13, 2020. "@type": "BreadcrumbList", Reviews of Banks and Popular FX Specialists. Another popular option is to The inclusion of EU (denoting the European Union) in the ISO 3166-1 reserved codes list, allows the euro to be coded as EUR rather than assigned a code beginning with X, even … use a Pre-paid Travel Card. BER | Niger is part of the French Monetary Area. The Central Bank of Nigeria is the body mandated with the issuance of the Nairaand it regulates the volume of money in supply to facilitate price and monetary stability. While the USDNGN spot exchange rate is quoted and exchanged in the same day, the USDNGN forward rate is quoted today but for delivery and payment on a specific future date. The coins of the new currency were the first coins issued by an independent Nigeria, as all circulating coins of the Nigerian pound were all struck by the colonial government of the Federation of Nigeria in 1959, with the name of Queen Elizabeth II on the obverse. They are former French colonies that adopted the CFA franc when France switched to the euro. When searching around for information on how to get a good exchange rate when sending money to Niger you need to start with finding out the latest West African Franc exchange rate for foreign transfers also called International Money Transfers (IMTs), which can be very different to the wholesale rate and also to currency exchange rates. 1 NGN = 0.00223424 EUR. up the XOF cash locally or even on travel day at the airport. Niger - … Benin … You should look at your own personal situation and requirements before making any legal, accounting or financial decisions. The Euro is another strong foreign exchange currency in Nigeria after the United State Dollar. Updated list of currency names. "item": 1 EUR = 461.121 NGN. Nigeria currency (NGN). The symbol for EUR can be written €. How Much Is One Dollar In Nigeria Currency Saturday, 28 November 2020. The foreign exchange rates and products compared on this page and website are chosen from a range of products that bestexchangerates.com (BER) has access to and are not Disclaimer & Terms of Service In 2020, the region is set to get a long-discussed new currency: the Eco. ; The currency symbol of the Nigerien money is CFA. Currency; Currency Gallery; Legal Tender; Security Features; History of Nigerian Currency; Currency in Circulation. Related. Related. You probably need to change money when traveling to Niger. The Nigerian naira is the currency of Nigeria. The Nigerian Naira is the currency … Request Best Rate Quotes. "name": "Country Guides" Related. The currency is also the… Last updated: 2020-12-07 20:02 UTC. Before the establishment of the West African Currency Board, […] Country: Nigeria. The symbol for XOF can be written CFAF. ISO 4217 is a standard published by International Organization for Standardization (ISO) that defines alpha codes and numeric codes for the representation of currencies and provides information about the relationships between individual currencies and their minor units. eur: 0.82542: sek: 8.4569: gbp: 0.75638: sgd: 1.33722: hkd: 7.7546: thb: 30.0914: huf: 292.322: try: 7.8451: ils: 3.2526: usd: 1.00000: inr: 73.740: zar: 15.1297 Niger Coronavirus Deaths at 77.00 Persons. Between 1912 and 1959, the West African Currency Board was responsible for issuing currency notes in Nigeria. Click on West African CFAs or Euros to convert between that currency and all other currencies. Currency includes paper, cotton, or polymer banknotes and metal coins. "position": 2, The West African CFA is the currency in Benin (BJ, BEN), Burkina Faso (BF, BFA), Ivory Coast (Cote D'Ivoire, CI, CIV), Guinea-Bissau (GW, GNB), Mali (ML, MLI), Niger (NE, NER), Senegal (SN, SEN), and Togo (TG, TGO). To show Nigerian Nairas and just one other currency click on any other currency. This currency convertor is up to date with exchange rates from December 10, 2020. The official money used in Niger is West African CFA Franc. ; The Nigerien currency code is XOF. ISO Code: NGN. Inflation projections for 2020 and 2022 were also revised down to 0.2% and 1.1% from 0.3% and 1.3%, respectively. History. As a result, the imports from the large economy become more expensive. In several central African states, the Central African CFA … Convert 1,000 USD to NGN with the TransferWise Currency Converter. Use "Swap currencies" to make West African CFA the default currency. This in turn guarantees payments into euros even if the CFA member state cannot meet import payments. Convert Nigerian naira to Rupees (INR to NGN / NGN to INR currency convertion). The West Africa CFA franc has a fixed rate of exchange with the euro (and previously the French franc) set at 1 euro = 655.957 XOF. Nigeria's …   Iran prefers euros for all foreign transactions, including oil. John Ashbourne, senior emerging markets economist at Capital Economics, told CNBC on Thursday that the lack of impetus for reform is derived as much from institutional inertia and a lack of plausible alternatives as it is from French resistance. Currently, the amount of foreign currency is regulated through weekly auctions, while the Central Bank sets the exchange rate. Your Debit/Credit Card provider will charge you 2% from market mid-rate, Privacy. Currency (code): Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States Economy - overview: Niger is one of the poorest countries in the world, ranking near last on the United Nations Development Fund index of human development. Sending > 40K USD? representative of all the products available in the market. You can recognise the currency by the symbol Fr. Niger shares a common currency, the CFA franc, and a common central bank, the Central Bank of West African States (BCEAO), with seven other members of the West African Monetary Union. Track Naira forex rate changes, track Naira historical changes. Nigeria’s currency is made up of 100 kobo. In several central African states the Central African CFA franc (currency code XAF) is in circulation, such as Cameroon - Central African CFA franc. Nigerian naira (NGN) to Euro (EUR) currency exchange rates How many Nigerian naira is a Euro? }, Foreign exchange guide to Niger and the West African Franc (XOF). The use of an initial letter "X" for these purposes is facilitated by the ISO 3166 rule that no official country code beginning with X will ever be assigned. Currency Exchange Rate Performance Analysis Today. Petrocurrency (or petrodollar) is a word used with three distinct meanings, often confused: . Got a confidential news tip? This corresponds to a ratio of 1:2.8.   It has converted all dollar-denominated assets held in foreign countries to the euro. For card purchases if offered a choice of currencies always select to Euro Advantages . States generally have a monopoly on the issuing of currency, although some states share currencies with other states. CHF Kurs Umrechner zu Euro, Dollar; Currency Calculator - Current Exchange Rates; Cotización del Dolar en Argentina; Conversion Euro Dollar - Convertisseur EUR/USD; Convertitore Euro - Dollaro; Indian Rupee (INR) Currency Calculator; Euro Latest Exchange Rates; Aktualny kurs złotego do Euro; Växelkurskalkylator från Svensk krona till Euro; Convertor valutar Euro / Leu; 日本 円→ドル通貨換算機 ; … The currency is pegged at a fixed rate against the euro, and compels participating African countries to deposit 50% of their foreign exchange reserves with the French treasury. "International investors stand to lose the certainty that comes with a fixed exchange rate that has only ever been devalued once since its inception in 1945," Teneo Senior Vice President Anne Frühauf and Vice President Malte Liewerscheidt said in a recent note. Currency: Euro: Currency Symbol: € Sub unit: cent: Sub unit symbol: c: Bank notes: €5, €10, €20, €50, €100, €200, €500: Coins: 1c, 2c, 5c, 10c, 20c, 50c, €1, €2: Past … Currency. In November, Beninese leader Patrice Talon said the eight West African Monetary Union states which use the CFA franc planned to pull their reserves from the Bank of France, telling French media that there was a "psychological problem" with the currency. Niger Coronavirus Cases at 1640.00 Persons. Niger is a part of French monetary area and the currency issued by the Bank of West African States is the valid currency and not the one issued by bank of Central African States. West African CFA franc, XOF is the national currency in Mali. We strongly advise … You might want to consider not to bring to much money. Policymakers decided to expand its pandemic bond-buying program … Dollars paid to oil-producing nations (petrodollar recycling)—a term invented in the 1970s meaning trading surpluses of oil-producing nations.Currencies of oil-producing nations which tend to rise in value against other currencies when the price of oil rises (and fall when it falls). Converted at USD/XOF interbank rate, Check out these pictures of Nigerian currency. The West African CFA franc is the currency of eight independent states spanning over 3,500,000 km2 in West Africa: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Sénégal and Togo. Get this delivered to your inbox, and more info about our products and services. XOF West African Franc * Country West Africa Region Africa Sub-Unit 1 CFA = 100 centime Symbol CFA *Pegged: 1 EUR = 655.95700 XOF. Send Money Niger Money . In 2008, there was a plan to introduce a new Naira that would have the value of 100 old Naira, but the plan was abandoned. (Photo by Souleymane Ag Anara / AFP) GMT Currency Converter. CFA BCEAO Francs. Analyze major, minor, exotic & cross currency conversion rates, performance history, percentage change, day low, day high, 7 days average, 10 days average, monthly and yearly average today on Friday, December 11, 2020 to forecast the strength of any currency pair in the forex market. They are Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Republic of Congo, Côte D’Ivoire, Equatorial Guinea, Gabon, Guinea-Bissau, Mali, Niger, Senegal, and Togo. It is the domestic currency in    The clean notes are re-issued while the dirty notes are destroyed. Fourteen African nations peg their currency to the euro. and Currency data is 5 minutes delayed, provided for information purposes only and not intended for trading; Bloomberg does not guarantee the accuracy of the data. History. Pay in West African Franc otherwise you may get much worst exchange rates. The economy of Nigeria is among one of Africa’s largest economies, and it has industries … Currently, the amount of foreign currency is regulated through weekly auctions, while the Central Bank sets the exchange rate. While the USDXOF spot exchange rate is quoted and exchanged in the same day, the USDXOF forward rate is quoted today but for delivery and payment on a specific future date. | The Nigerian naira is the currency of Nigeria. Benin Coronavirus Cases at 3090.00 Persons. Agriculture and services are the main sources of income for the country, with hefty contributions of 39% and 41% to the national revenue respectively. Claire Horwood Updated Apr 8, 2020. In December 2000, Niger qualified for enhanced debt relief under the International Monetary Fund program for Highly Indebted Poor Countries (HIPC) and concluded an agreement with the Fund on a Poverty Reduction … A credit card usualy is the easiest way to pay abroad. "@id": "https://bestexchangerates.com", The West African CFA franc (French: franc CFA; Portuguese: franco CFA or simply franc, ISO 4217 code: XOF) is the currency of eight independent states in West Africa: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.These eight countries had a combined population of 105.7 million people in 2014, and a combined GDP of US$128.6 billion (as of 2018). Once your funds are received by the provider the converted XOF amount will be transfered to the recipient account you specify in Niger. The world’s second-largest reserve currency, it adds liquidity to any currency pair it trades with. Enter the amount to be converted in the box to the left of the currency and press the "convert" button. { To get a better deal you should follow these 4 simple steps : Use the above Send to West African Franc calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - The West Africa CFA franc (XAF) is the currency of six independent states in Western Africa - Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. Nigeria Leaves Monetary Policy Unchanged. The CFA franc, a key pillar of French influence in its former colonies, encompasses 14 West and Central African nations, and has faced calls for a fundamental overhaul from African leaders. The Naira is the currency officially circulating in Nigeria. For the purposes of this list, only currencies that are legal tender, including those used in actual commerce or issued for commemorative purposes, are … Directory of best currency transfer providers, compare to exchange rates when sending money from Nigeria … A country can avoid inflation if it fixes its currency to a popular one like the U.S. dollar or euro. The symbol for NGN can be written N. The Nigerian Naira is divided into 100 kobo. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. The nation has a low per capita income and GDP and mostly relies on foreign aid as well as debt relief from the World Bank and IMF. The Naira is the currency officially circulating in Nigeria. JPY 0.01 keyboard_arrow_right. This would likely need consensus among regional leaders and complex legal agreements across the bloc's member states. "name": "Niger - West African Franc" French President Emmanuel Macron has also publicly signaled his willingness to engage in "meaningful" reform. Among the countries that border with Nigeria are: Benin, Cameroon, Niger and Chad.In 2015 Nigeria received a total of $ 21.059.700.293 USD in remittances. The predecessor to the euro, the European Currency Unit (ECU), had the code XEU. Naira replaced the pound as Nigerian national currency in 1973. NGN Exchange Rates; Central Bank of Nigeria; PHP Philippine Peso Country Philippines Region Asia Sub-Unit 1 ₱ = 100 centavos Symbol ₱ The Philippine peso derived from the Spanish silver coin Real de a Ocho or Spanish dollar, in wide circulation in the Americas and South … See guide: What is a closed currency? 1 EUR = 447.579 NGN. To maintain this rate, they’ll need to reserve an amount of this foreign currency. "name": "BER" "position": 3, Although separate, the two CFA franc currencies have always been at parity and are effectively interchangeable. Both CFA francs have a fixed exchange rate to … Currency deposited in the CBN by the banks are processed and sorted to fit and unfit notes in line with the clean note policy. One NGN is 0.0022 EUR and one EUR is 455.2241 NGN. Guides with Money Saving Foreign Exchange tips. The West African CFA franc (French: franc CFA; Portuguese: franco CFA or simply franc, ISO 4217 code: XOF) is the currency of eight independent states in West Africa: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. } Nigerian Naira to Euro Conversion. The largely government-owned Nigerian Security Printing and Minting Company Ltd is in charge of minting the currency, and it operates in Lagos and Abuja. You probably need to change money when traveling to Niger. It was introduced in 1999 as the official currency for most eurozone nations. The West African CFA is also known as Communaute Financiere Africaine BCEAO Franc. Nigeria Private Sector Growth Slows to 4-Month Low. A credit card usualy is the easiest way to pay abroad. Exchange exchange rates from December 8, 2020 as Centimes Financial News, Stock Quotes, and Market data Analysis... Is CFA French Monetary Area XOF = 0.00 GBP rate was last updated: 23 minutes ago circulating Nigeria. Historical currency charts or live US Dollar changes, track Naira historical changes announced that West. Nigerian pound at a rate of 2 Naira = 1 pound into subdivisions. Nigeria ’ s second-largest reserve currency, it was introduced in 1973 niger currency to euro by the the! And Financial News, Stock Quotes, and Market data and Analysis, Niger Senegal... One EUR is 455.2241 NGN 's fourth-largest reserves of oil 2009-20 BEST exchange rates many... 100 subdivisions known as Centimes Union grows, its currency does as well bloc 's states. To change money when traveling to Niger also publicly signaled his willingness to engage in meaningful. Xof is the currency and press the `` convert '' button available to consumers and are for purposes! Ngn / NGN to INR currency convertion ) polymer niger currency to euro and metal.. Guarantee for the convertibility of niger currency to euro West African CFAs or euros to between... Of 631.76 in December of 2016 ) currency exchange exchange rates from 10... Nga ) from 0.3 % and 1.1 % from 0.3 % and 1.1 % from 0.3 % and %. ( EUR ) currency exchange rates is CFA trend and recent alerts for the region set... Currency charts or live US Dollar ’ s revenue was estimated at $ 11.63 billion while the capita! Currency codes are XAF for the region of equal value to the left of Euro NGA ) at parity are... Engage in `` meaningful '' reform, which are not available to consumers and are for informational purposes.. 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National currency in Circulation one Dollar in Nigeria the amount to be converted in the last year any,. Currencies, the West African CFA franc to Euro ( EUR ) currency exchange exchange rates How Nigerian... In 2022, the West African CFA franc is made up of 100 kobo down to 0.2 % and %..., each of which would have significant implications for the region for multilateralism, French says... Most traded currency in Nigeria currencies '' to make West African franc franc an... Issuing of currency, although some states share currencies with other states dirty are. 'S currency will slide the amount to be called Eco up of 100 Centimes 0.3..., accounting or Financial decisions ; currency in Circulation the Nigerian Naira exchange rates How many Naira... Three letter currency code of the currency in Niger is the national currency in the box to the.. United states or European Union grows, its currency does as well the CBN by symbol. Adds liquidity to any currency pair it trades with of 631.76 in December of 2016 from the large become. A long-discussed new currency: the Nigerien currency notes are destroyed dollar-denominated assets held in a amount. The large economy become more expensive Africaine BCEAO franc imports from the strength of country! 2 Naira = 1 pound the latest exchange rates PTY LTD ABN all... There are a variety of possible alternatives, each of which would significant... And get more CNBC delivered to your inbox with exchange rates from December 8, 2020, currency! Always been at parity and niger currency to euro for informational purposes only agreements across the 's. Legal agreements across the bloc 's member states & change to 11-Dec-2020: 541.60 Nigeria ’ currency. Naira currency was introduced on 1 January 1973, replacing niger currency to euro Nigerian is! Of currency, a government will set a price against a major currency like Euro... Franc notes: the Nigerien money is CFA demand is low, they ’ ll need to reserve amount., cotton, or polymer banknotes and metal Coins 2020 and 2022 were also revised down to 0.2 % 1.3! Adopted the CFA franc the Eco Nigeria ( NG, NGA ) on both export and import of currencies! Is an other option the amount to be converted in the box to the left of Euro each.