With the dollar being the currency for international trade is no surprise people are searching for the term “naira4dollar” on google. Millions of Nigerians engage in one form of international trade or another and are constantly in need of a way to exchange their naira4dollar.
In this post, I will be exploring some of the reasons why people exchange naira4dollar and how to change naira4dollar.
What is Naira4Dollar?
Naira4Dollar simple means a way of exchanging naira into dollar at a defined exchange rate. The exchange rate is the amount of naira you need to receive 1 dollar. For example, if the rate is 360, This means you will need 360 naira to get 1 dollar.
Reasons for exchanging Naira4dollar
Nigerians exchange Naira4dollar for several reasons, some of these include:
- Paying for goods and services abroad that is, paying for imported products or services
- Joining various online programs and opportunities
- Trading Forex and Cryptocurrencies
- Sending money to friends and family abroad
- Saving money in dollars to avoid devaluation as a result of a fall in the value of naira.
How to exchange naira4dollar
There are several ways to exchange your naira4dollar. some of the ways are as follows:
- The Bank: To use this method you will need to provide your bank with valid reasons for needing the dollar and You can only buy a limited amount of dollars. This reason can be for paying school fees, travel reasons.
- From the Black market: There is little or no restriction to the number of dollars you can buy using this method, however, the rate is usually higher than the bank rate meaning you will get less dollar for your naira.
- eCurrency: Most online programs accept eCurrency as a payment method. Ecurrency like Perfect Money, Paypal, Skrill, Neteller, Payoneer etc are used as payment methods. You can buy this ecurrencies from platforms like BITKONGA, Naira4Dollar.com, Nairaex and from friends and associates.
- Cryptocurrency: These are digital money, that is becoming really popular. Cryptocurrency like Bitcoin and Etheruem is accepted as a payment method by many platform. And they can also be easily converted to Dollar.