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VeChain to Nigerian Naira Converter and calculator

Convert 1VeChain (VET) to Nigerian Naira (NGN) equals ₦ 53.3 | Bitget
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Last updated 2023/09/01 02:23:05 (UTC+0)Refreshrefresh
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Bitget converter offers real-time exchange rates, allowing for easy conversion of VeChain(VET) to Nigerian Naira(NGN). This is the real-time data. The current conversion shows 1 VET at a value of 1 VET for 53.30 NGN . Since crypto prices can change rapidly, we suggest checking back for the latest conversion result.

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.

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

VET to NGN conversion rate trend

1D7D1M3M1YAll
In the past 1D, VeChain has changed +0.86% to NGN. Based on the trend and price charts, VeChain(VET) has changed +0.86% to NGN while Nigerian Naira(NGN) has changed % to VET in the last 24 hours.

Conversion rate comparison of various exchanges

ExchangePriceMaker / Taker FeeTradable
Bitgethot-iconBest
₦53.3
0.0001% / 0.0004%vip-iconVIP
Binance
₦53.22
0.1000% / 0.1000%
Yes
Huobi
₦53.21
0.1000% / 0.1000%
Yes
Gate.io
₦53.19
0.1000% / 0.1000%
Yes
KuCoin
₦53.18
0.1000% / 0.1000%
Yes
Bitfinex
₦53.94
0.1000% / 0.1000%
Yes
Last updated 2024/04/24 08:00:36(UTC+0)

What factors influence the conversion rate of VeChain to Nigerian Naira?

VeChain to Nigerian Naira is rising this week.
VeChain's current market price is ₦ 53.3 per VET, with a total market cap of ₦ 3,875,518,338,136.34 NGN based on a circulating supply of 72,714,520,000 VET. The trading volume of VeChain has changed by +8.49% (₦ 6,566,850,994.34 NGN) in the last 24 hours. Last trading day, VET's trading volume was ₦ 77,328,940,949.15.
Market cap
$3.07B
24h volume
$66.56M
Circulating supply
72.71B VET

Conversion tables

The exchange rate of VeChain is decreasing.
1 VET is currently valued at ₦ 53.3 NGN , which means buying 5 VET will cost ₦ 266.49 NGN . Similarly, ₦1 NGN can be traded for 0.01876 VET, and ₦50 NGN can be converted to 0.9381 VET, excluding any platform or gas fees.
The exchange rate of 1 VET to Nigerian Naira has changed by +4.60% in the last 7 days. In the last 24 hours, the rate has fluctuated by +0.86%, reaching a high of 54.49 NGN and a low of 52.3 NGN . One month ago, the value of 1 VET was ₦ 54.17 NGN , which represents a -1.61% change from its current value. Over the last year, VeChain has changed by
+
25.92NGN
, resulting in a change of +94.69% in its value.

VET to NGN

Amount
09:36 am today
0.5 VET
26.65
1 VET
53.3
5 VET
266.49
10 VET
532.98
50 VET
2,664.89
100 VET
5,329.77
500 VET
26,648.86
1000 VET
53,297.72

NGN to VET

Amount09:36 am today
0.5NGN0.009381  VET
1NGN0.01876  VET
5NGN0.09381  VET
10NGN0.1876  VET
50NGN0.9381  VET
100NGN1.88  VET
500NGN9.38  VET
1000NGN18.76  VET
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Today vs. 24 hours ago

Amount09:36 am today24 hours ago24h change
0.5 VET$0.02114$0.02096
+0.86%
1 VET$0.04228$0.04192
+0.86%
5 VET$0.2114$0.2096
+0.86%
10 VET$0.4228$0.4192
+0.86%
50 VET$2.11$2.1
+0.86%
100 VET$4.23$4.19
+0.86%
500 VET$21.14$20.96
+0.86%
1000 VET$42.28$41.92
+0.86%

Today vs. 1 month ago

Amount09:36 am today1 month ago1M change
0.5 VET$0.02114$0.02149
-1.61%
1 VET$0.04228$0.04298
-1.61%
5 VET$0.2114$0.2149
-1.61%
10 VET$0.4228$0.4298
-1.61%
50 VET$2.11$2.15
-1.61%
100 VET$4.23$4.3
-1.61%
500 VET$21.14$21.49
-1.61%
1000 VET$42.28$42.98
-1.61%

Today vs. 1 year ago

Amount09:36 am today1 year ago1Y change
0.5 VET$0.02114$0.01086
+94.69%
1 VET$0.04228$0.02172
+94.69%
5 VET$0.2114$0.1086
+94.69%
10 VET$0.4228$0.2172
+94.69%
50 VET$2.11$1.09
+94.69%
100 VET$4.23$2.17
+94.69%
500 VET$21.14$10.86
+94.69%
1000 VET$42.28$21.72
+94.69%

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.