Bitget App
Trade smarter
Buy cryptoMarketsTradeCopyBotsEarnWeb3
base info Tether USDt

Tether USDt to Nigerian Naira Converter and calculator

Convert 1Tether USDt (USDT) to Nigerian Naira (NGN) equals ₦ 1,201.63 | Bitget

NGN information

About the Nigerian Naira (NGN)

What Is the Nigerian Naira (NGN)?

The Nigerian Naira is the official currency of Nigeria, a country in West Africa. The Naira is symbolized by ₦ and has the currency code NGN. One Naira is divided into 100 Kobo. As Africa's largest economy, Nigerian Naira plays a crucial role both domestically and in the African financial landscape. The Nigerian Naira is the sole legal tender in Nigeria, and it is used for all transactions within the country.

The Nigerian Naira is issued by the Central Bank of Nigeria (CBN), which is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. The CBN is responsible for the design, production, and distribution of the currency, as well as for implementing monetary policy and maintaining the value of the Naira.

What Is the History of NGN?

The Nigerian Naira, introduced on January 1, 1973, marked a significant milestone in Nigeria's economic history, replacing the Nigerian pound at a rate of 2 Naira for 1 pound. This transition signified Nigeria's shift from the British pound sterling to a distinct and independent decimal currency system. The name 'Naira' was derived from 'Nigeria', symbolizing the nation's sovereignty in monetary matters. The initial series of banknotes and coins were the first to be issued by an independent Nigeria, with the coins being the last to feature Queen Elizabeth II, reflecting the country's colonial history.

Notes and Coins of NGN

The Nigerian Naira (NGN) comprises a variety of coins and banknotes, each with distinct values and designs. Coins in circulation include denominations of 50 Kobo, 1 Naira, and 2 Naira. Banknotes are issued in denominations of ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, and ₦1000.

What Is eNaira?

The eNaira is the first African central bank digital currency (CBDC). Launched on October 25, 2021, by President Muhammadu Buhari, the eNaira is issued and regulated by the Central Bank of Nigeria (CBN). It operates as a legal tender, just like physical Naira, but in a digital form, maintaining a one-to-one value with the traditional Naira. The eNaira aims to enhance financial inclusion, improve payment efficiency, and facilitate seamless cross-border transactions. It operates on a blockchain network, allowing peer-to-peer transactions without intermediaries, distinguishing itself from decentralized cryptocurrencies like Bitcoin by running on a private blockchain controlled by the CBN. Users access the eNaira through digital wallets, with transactions promising speed, reduced costs, and increased convenience.

Is NGN Pegged to GBP?

No, the Nigerian Naira (NGN) is not pegged to the British Pound Sterling (GBP). The Naira operates on a floating exchange rate system, where its value is determined by market forces based on supply and demand in the foreign exchange market.

Historically, Nigeria used the British Pound Sterling during its time as a British colony and for some years after gaining independence. However, in 1973, Nigeria introduced the Naira to replace the Pound Sterling and established its own monetary system. Since then, the Naira has not been pegged to the Pound Sterling or any other foreign currency but has been subject to fluctuations in the international currency markets.

Is NGN a Stable Currency?

The Nigerian Naira (NGN) has historically faced challenges regarding stability. The Naira had been experiencing significant fluctuations, largely due to factors such as political instability, economic challenges, and fluctuations in oil prices, which is a major revenue source for Nigeria. For instance, in 2021, the official exchange rate of the Naira to the US Dollar was around 380 NGN to 1 USD, while the parallel market rate was much higher, around 475 NGN to 1 USD. In June 2023, the Naira fell 23% in a day to a rate of ₦600 to US$1. This discrepancy indicates ongoing challenges in achieving currency stability.

Show more
Bitget crypto-to-fiat exchange data shows that the most popular Tether USDt currency pair is the USDT to NGN, with for Tether USDt's currency code being USDT. Use our cryptocurrency calculator now to see how much your cryptocurrency can be exchanged for NGN.

USDT to NGN conversion rate trend

1D7D1M3M1YAll
In the past 1D, Tether USDt has changed -0.03% to NGN. Based on the trend and price charts, Tether USDt(USDT) has changed -0.03% to NGN while Nigerian Naira(NGN) has changed % to USDT in the last 24 hours.

Conversion rate comparison of various exchanges

ExchangePriceMaker / Taker FeeTradable
Bitgethot-iconBest
₦1,201.63
0.0001% / 0.0004%vip-iconVIP
Last updated 2024/04/16 14:24:58(UTC+0)

What factors influence the conversion rate of Tether USDt to Nigerian Naira?

Tether USDt to Nigerian Naira is rising this week.
Tether USDt's current market price is ₦ 1,201.63 per USDT, with a total market cap of ₦ 129,896,285,953,373.72 NGN based on a circulating supply of 108,100,166,000 USDT. The trading volume of Tether USDt has changed by +3.23% (₦ 3,345,477,361,421.15 NGN) in the last 24 hours. Last trading day, USDT's trading volume was ₦ 103,729,299,312,326.5.
Market cap
$108.14B
24h volume
$89.14B
Circulating supply
108.10B USDT

Conversion tables

The exchange rate of Tether USDt is increasing.
1 USDT is currently valued at ₦ 1,201.63 NGN , which means buying 5 USDT will cost ₦ 6,008.14 NGN . Similarly, ₦1 NGN can be traded for 0.0008322 USDT, and ₦50 NGN can be converted to 0.04161 USDT, excluding any platform or gas fees.
The exchange rate of 1 USDT to Nigerian Naira has changed by +0.03% in the last 7 days. In the last 24 hours, the rate has fluctuated by -0.03%, reaching a high of 1,203.28 NGN and a low of 1,200.88 NGN . One month ago, the value of 1 USDT was ₦ 1,199.64 NGN , which represents a +0.17% change from its current value. Over the last year, Tether USDt has changed by
+
0.3154NGN
, resulting in a change of +0.03% in its value.

USDT to NGN

Amount
14:24 today
0.5 USDT
600.81
1 USDT
1,201.63
5 USDT
6,008.14
10 USDT
12,016.29
50 USDT
60,081.45
100 USDT
120,162.89
500 USDT
600,814.46
1000 USDT
1,201,628.93

NGN to USDT

Amount14:24 today
0.5NGN0.0004161  USDT
1NGN0.0008322  USDT
5NGN0.004161  USDT
10NGN0.008322  USDT
50NGN0.04161  USDT
100NGN0.08322  USDT
500NGN0.4161  USDT
1000NGN0.8322  USDT
share

Today vs. 24 hours ago

Amount14:24 today24 hours ago24h change
0.5 USDT$0.5002$0.5003
-0.03%
1 USDT$1$1
-0.03%
5 USDT$5$5
-0.03%
10 USDT$10$10.01
-0.03%
50 USDT$50.02$50.03
-0.03%
100 USDT$100.04$100.07
-0.03%
500 USDT$500.19$500.34
-0.03%
1000 USDT$1,000.38$1,000.68
-0.03%

Today vs. 1 month ago

Amount14:24 today1 month ago1M change
0.5 USDT$0.5002$0.4994
+0.17%
1 USDT$1$0.9987
+0.17%
5 USDT$5$4.99
+0.17%
10 USDT$10$9.99
+0.17%
50 USDT$50.02$49.94
+0.17%
100 USDT$100.04$99.87
+0.17%
500 USDT$500.19$499.37
+0.17%
1000 USDT$1,000.38$998.73
+0.17%

Today vs. 1 year ago

Amount14:24 today1 year ago1Y change
0.5 USDT$0.5002$0.5001
+0.03%
1 USDT$1$1
+0.03%
5 USDT$5$5
+0.03%
10 USDT$10$10
+0.03%
50 USDT$50.02$50.01
+0.03%
100 USDT$100.04$100.01
+0.03%
500 USDT$500.19$500.06
+0.03%
1000 USDT$1,000.38$1,000.12
+0.03%

FAQ

This content is being provided to you for informational purposes only, does not constitute an offer, or solicitation of an offer nor a recommendation by Bitget to buy, sell, or hold any security, financial product, or instrument referenced in the content, and does not constitute investment advice, financial advice, trading advice, or any other sort of advice. Data presented may reflect asset prices traded on the Bitget exchange as well as other cryptocurrency exchanges and market data platforms. Bitget may charge fees for the processing of cryptocurrency transactions which may not be reflected in the conversion prices displayed. Bitget is not liable for any errors or delays in content or for any actions taken in reliance on any content.