Usd Converter
Convert Usd to Ngn and more • 166 conversions
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Unit Explanations
United States Dollar$
Source UnitThe United States Dollar (USD) is the official currency of the United States, recognized as a legal tender in various territories and widely accepted internationally. It is subdivided into 100 smaller units called cents. The dollar is denoted by the symbol '$' and is one of the most traded currencies globally, often used as a benchmark for other currencies. Its value is influenced by various factors including economic indicators, interest rates, and geopolitical stability. As a fiat currency, the USD is not backed by a physical commodity but rather the trust in the U.S. government and economy, making it a crucial component of the global financial system, utilized in both domestic and international transactions.
Current Use
The U.S. dollar is not only the official currency of the United States but also plays a dominant role in the global economy. As the primary reserve currency held by many countries, it is used in international transactions, trade agreements, and as a benchmark for other currencies. The dollar is widely accepted for transactions in various sectors such as finance, trade, and tourism, making it a preferred currency for global commerce. It is commonly used in international markets for commodities such as oil and gold, and many countries peg their local currencies to the dollar to stabilize their economies. The dollar is also utilized in remittances, with millions of people sending money across borders in USD.
Fun Fact
The U.S. dollar is the most widely used currency for global trade.
Nigerian Naira₦
Target UnitThe Nigerian Naira (NGN) is the official currency of Nigeria, introduced in 1973 to replace the pound. The naira is subdivided into 100 kobo and is issued and regulated by the Central Bank of Nigeria. The currency is vital for facilitating economic transactions within Nigeria, serving as a medium of exchange, a unit of account, and a store of value. The naira is utilized in various sectors, including commerce, finance, and trade, reflecting the economic activities of the nation. Its stability and purchasing power are crucial, influenced by factors such as inflation rates, oil prices, and foreign exchange reserves. The naira is also traded in the foreign exchange market, where fluctuations can occur based on economic conditions.
Current Use
The Nigerian Naira (NGN) is used throughout Nigeria as the primary currency for all economic transactions. It is integral to both everyday purchases and large-scale financial dealings. The naira is employed in various industries including agriculture, oil and gas, telecommunications, and retail, serving as a crucial component in trade and commerce. The currency is also utilized for international trade, where it may be exchanged for foreign currencies. In Nigeria, multiple payment systems and platforms allow for electronic transactions in naira, reflecting the growing digital economy. Additionally, expatriates and foreign businesses operating in Nigeria must deal in naira for local transactions, reinforcing its role in the national economy.
Fun Fact
The naira was introduced on February 2, 1973, with an initial exchange rate of 2 naira for 1 pound.
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📐Conversion Formula
= × 1.00000How to Convert
To convert to , multiply the value by 1.00000. This conversion factor represents the ratio between these two units.
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💡 Pro Tip: For the reverse conversion ( → ), divide by the conversion factor instead of multiplying.
United States Dollar
currency • Non-SI
Definition
The United States Dollar (USD) is the official currency of the United States, recognized as a legal tender in various territories and widely accepted internationally. It is subdivided into 100 smaller units called cents. The dollar is denoted by the symbol '$' and is one of the most traded currencies globally, often used as a benchmark for other currencies. Its value is influenced by various factors including economic indicators, interest rates, and geopolitical stability. As a fiat currency, the USD is not backed by a physical commodity but rather the trust in the U.S. government and economy, making it a crucial component of the global financial system, utilized in both domestic and international transactions.
History & Origin
The United States Dollar has its origins in the Spanish dollar, which was widely used in the Americas during the colonial period. The first official dollar was issued by the Continental Congress in 1775 during the American Revolutionary War. The Coinage Act of 1792 established the U.S. dollar as the country's standard unit of money, allowing for the production of coins in various denominations. The dollar was initially defined in terms of specific weights of silver and gold, reflecting the bimetallic standard prevalent at the time, leading to the establishment of the U.S. Mint for the purpose of producing coinage.
Etymology: The term 'dollar' comes from the German word 'Thaler', which referred to a silver coin that was minted in the 16th century.
Current Use
The U.S. dollar is not only the official currency of the United States but also plays a dominant role in the global economy. As the primary reserve currency held by many countries, it is used in international transactions, trade agreements, and as a benchmark for other currencies. The dollar is widely accepted for transactions in various sectors such as finance, trade, and tourism, making it a preferred currency for global commerce. It is commonly used in international markets for commodities such as oil and gold, and many countries peg their local currencies to the dollar to stabilize their economies. The dollar is also utilized in remittances, with millions of people sending money across borders in USD.
💡 Fun Facts
- •The U.S. dollar is the most widely used currency for global trade.
- •More than 60% of all foreign exchange reserves are held in USD.
- •The design of the dollar bill has not changed significantly since 1929.
📏 Real-World Examples
🔗 Related Units
Nigerian Naira
currency • Non-SI
Definition
The Nigerian Naira (NGN) is the official currency of Nigeria, introduced in 1973 to replace the pound. The naira is subdivided into 100 kobo and is issued and regulated by the Central Bank of Nigeria. The currency is vital for facilitating economic transactions within Nigeria, serving as a medium of exchange, a unit of account, and a store of value. The naira is utilized in various sectors, including commerce, finance, and trade, reflecting the economic activities of the nation. Its stability and purchasing power are crucial, influenced by factors such as inflation rates, oil prices, and foreign exchange reserves. The naira is also traded in the foreign exchange market, where fluctuations can occur based on economic conditions.
History & Origin
The Nigerian Naira was introduced on February 2, 1973, replacing the Nigerian pound at a rate of 2 naira for 1 pound. The introduction aimed to simplify currency transactions and reflect Nigeria's identity post-independence. The naira's establishment was part of Nigeria's efforts to develop its economy and financial systems. The currency is named after the Niger River, which flows through Nigeria, symbolizing the country's natural resources and economic potential. This change was part of a broader shift from colonial currency systems to a national identity, reflecting Nigeria's growth.
Etymology: The term 'naira' derives from 'Niger', the name of the country and the river.
Current Use
The Nigerian Naira (NGN) is used throughout Nigeria as the primary currency for all economic transactions. It is integral to both everyday purchases and large-scale financial dealings. The naira is employed in various industries including agriculture, oil and gas, telecommunications, and retail, serving as a crucial component in trade and commerce. The currency is also utilized for international trade, where it may be exchanged for foreign currencies. In Nigeria, multiple payment systems and platforms allow for electronic transactions in naira, reflecting the growing digital economy. Additionally, expatriates and foreign businesses operating in Nigeria must deal in naira for local transactions, reinforcing its role in the national economy.
💡 Fun Facts
- •The naira was introduced on February 2, 1973, with an initial exchange rate of 2 naira for 1 pound.
- •The word naira is a contraction of the word 'Niger', reflecting the country's name.
- •In 2021, the Central Bank of Nigeria launched a digital currency initiative, further integrating the naira into the digital economy.
📏 Real-World Examples
🔗 Related Units
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Frequently Asked Questions
How do I convert to ?▼
To convert to , multiply your value by 1. For example, 10 equals 10 .
What is the formula for to conversion?▼
The formula is: = × 1. This conversion factor is based on international standards.
Is this to converter accurate?▼
Yes! MetricConv uses internationally standardized conversion factors from organizations like NIST and ISO. Our calculations support up to 15 decimal places of precision, making it suitable for scientific, engineering, and everyday calculations.
Can I convert back to ?▼
Absolutely! You can use the swap button (⇄) in the converter above to reverse the conversion direction, or visit our to converter.