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|Rate (in INR)
The Nigerian Naira is the official currency of the Federal Republic of Nigeria. The currency is represented by the symbol ₦ and by the abbreviation NGN. The currency is further subdivided into 100 Kobo. The banknotes and coins are issued by the Central Bank of Nigeria. Banknotes ranging from 5 to 1000 Naira and coins of 50 Kobo, 1,2 Naira are issued by the Central Bank of Nigeria. The Nigerian naira is valued around 4-6 Indian Rupee on exchange. Find the live rates of Nigerian Naira to INR here.
Nigeria is a country in West Africa. The country was one among the popular colonies of the British in Africa. The natives were sold off to the world as slaves during this period of time. Nigeria is a nation which experienced a boom in the economic conditions through the fossil fuels. There are a number of oil mining industries in Nigeria tapping into the vast reserve of the country. The value of the Nigerian Currency entirely depends on the oil prices and has no other major exports other than products related to petroleum. The Nigerian Naira has an exchange value of 350-370 Naira against one USD.
Nigeria is mostly known to the world as the home to internet scammers. Everyone probably in his/her life has received an email or text regarding winning a huge lottery. This is called the ‘Nigerian 419 scam’. So it is always advised to become aware of the conditions in Nigeria. Whenever you are in Nigeria it is always important to carry the local currency for expenses. Carrying USD is also an option, but you probably won’t get a good value in transactions. Most banks and exchange houses do not facilitate the conversion of INR to Nigerian currency. This is because of the low transaction of the currency in the Indian market. The most convenient and followed way is to convert Indian Rupees into US Dollars from India and then convert USD to Naira in Nigeria. This is the best way because even if you find someone in India that offers Nigerian Naira, large denominations will be received making it difficult to carry besides the exchange rate would not be fair in India rather than in Nigeria.
|Shandy, Muri, Ten Fibre, Awo, H, Waso, White, Figo, Ori Zik
|Kobo ( 1 Naira= 100 Kobo)
|5, 10, 20, 50, 100, 200, 500, 1000 ₦
|50 kobo, 1, 2₦
The Nigerian Naira has no significant transactional position in Indian forex market. Hence banks and exchange houses do not necessarily convert INR to NGN, at least not for a reasonable exchange rate. So the most common way adopted is to convert INR to USD and then convert USD to NGN in Nigeria. In India ExTravelMoney.com can you find the best exchange rates for buying forex at your fingertips. Choose from the different vendors in your region along with their exchange rates and place your order. Complete the order with the help of our customer care executive and make the payment online. You can even request the vendor to provide home delivery of the forex and pick up the KYC documents required to complete the transaction.
The Nigerian Naira is not a currency of any particular interest in the Indian market. The exchange of the currency in India is very rare. Most banks and exchange houses do not accept the currency following its low transactional demand. Hence the only way to exchange Nigerian Naira is to convert it into USD in Nigeria itself and then convert USD to INR in India. ExTravelMoney.com can help you find the best exchange rates for USD in your region. You can explore through the list of vendors, along with their exchange rates on our website and place the order. Shortly our customer care executive will contact you for completing the order. You can even request the vendor to pick up the forex and KYC documents.
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