There are several ways of converting US Dollars into local currency depending on the monetary form you have. Using any of the following ways to convert US dollars to Naira also depends on the business you do or the frequency at which you receive and convert US dollars into local currency.
1. When you have cash in US Dollars, finding the exchange bureau is a common platform for buying currencies. However, these bureaus are not cost-effective and are the most expensive platforms to convert foreign currencies into local money. If you occasionally change US Dollars into Naira, foreign exchange bureaus can work fine.
2. If you are on international business or frequently receive US Dollars, then the best, easy and simple way of converting the US Dollars into Nigerian Naira is using the credit card. Credit cards sold as MasterCards can be loaded with US Dollars and withdrawn in Naira. Usually, you can open a US Dollar bank account in Nigeria and then apply for an international credit card. Credit cards use current market exchange rates and have interbank rate benefits. Foreign exchange bureaus don’t have these benefits hence they’re a little bit expensive. With a foreign bank account, using a credit card becomes a cheap, easy and convenient way of converting US Dollars into Naira.
3. While in Nigeria, you can always visit the Central Bank of Nigeria to convert US Dollars into Naira. This apex bank is available in all states in the country. The exchange rate in this bank follows the daily market exchange rate which is a lot cheaper than common forex bureaus.
4. The other source of converting the US Dollars to Naira is visiting large banks in Nigeria. These banks display daily forex exchange rate, which you can use to determine the amount you will get when changing US dollars to Naira.
