Do you know that billions of Naira are exchanged for foreign currencies and likewise foreign currencies are being exchanged to Naira every day? Yes, that’s what’s happening.
In Nigeria, the Foreign exchange market is one of the most patronized markets. This market involves the buying, selling, and exchange of different currencies at a particular or current price.
However, the prices vary since it’s always determined by the buyers/seller and it’s sometimes negotiable.
So, in this article today, we will be discussing the most popularly exchanged foreign currency in Nigeria based on exchange transaction volume. They are;
Top Most Exchange Foreign Currencies in Nigeria
- US Dollar (USD)
- Euro (EUR)
- British Pounds (GBP)
- Canadian Dollar (CAD)
- Ghana Cedis (GHC)
- South African Rand (ZAR)
1. US Dollar (USD)
USD is unarguably the most accepted currency in almost all parts of the world and in Nigeria, it is the most popular foreign currency.
In fact, the U.S dollar is the most popular currency in the world.
The currency is used in over 65 countries in the world as their official currency, while others adopt it as a preferred form of payment.
Just like we have the CENTRAL BANK OF NIGERIA controlling the Nigerian Naira, the United States of America Dollar (USD) is controlled by the Central bank called the Federal Reserve System or simply Federal Reserve.
Also, the US dollar is the number one most traded currency in the world and that alone helps in giving it the due popularity. The currency is denoted with the symbol “$”
To know the current dollar to the naira exchange rate in Nigeria black market today, CLICK HERE
2. Euro (EUR)
The 2nd most popular currency that’s exchanged in Nigeria the Euro. Aside from its popularity in Nigeria, Euro is the second most recognized and traded currency in the world exchange market.
This currency is adopted by over 18 European Union countries as their official currency.
This currency is controlled by the Europen Central Bank.
It’s denoted with the symbol “€”
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3. British Pounds (GBP)
Also known as the Sterling Pound, the British pound is another most popular foreign currency that’s mostly exchanged in Nigeria.
The countries/state in the world that are using the pound as their official currency include;
- United Kingdom
- Isle of Man
- South Georgia
- South Sandwich Islands
- British Antarctic Territory
- Tristan da Cunha
The GBP is controlled by the Bank of England which is the central bank in charge of British currency.
It’s denoted with the symbol “£”
4. Canadian Dollar (CAD)
Just like most Nigerians are aspiring to study in Canada, the Canadian dollar is also one of most exchange currencies in the Nigerian Foreign exchange market today.
This currency is denoted with the symbol “$ or C$”
The currency is popularly traded in this part of the world, according to it a rank of the 4th most exchanged currency in the foreign exchange market in Nigeria.
5. Ghana Cedis (GHC)
The Ghanian cedis is an African currency and the number 1 most traded African currency in Nigeria’s foreign exchange market.
The currency is denoted with the symbol “GH¢”.
So, just like we have the Nigerian banknote in 10 Naira, 20 Naira, 50 Naira, 100 Naira, 200 Naira, 500 Niara, and 1000 Niara as the available banknotes in Nigerian Naira, the Ghana cedis comes in the banknotes of GH₵ 10, Gh₵ 20, Gh₵ 5, Gh₵ 1, Gh₵ 2, Gh₵ 50 while the coins are GH₵1, 10 Gp, 50 Gp, 1 Gp, 20 Gp, 5 Gp.
the currency is managed and controlled by the Bank of Ghana.
6. South African Rand (ZAR)
ZAR is the sixth most traded currency in the Nigerian foreign exchange market.
The currency is usually denoted with the symbol “R” and it’s the official currency for South Africa (SA) and it’s managed by the South African Reserve Bank.
The above-listed currencies are the most Exchange Foreign Currencies in Nigeria.