How much Naira can you derive from one US dollar? Where to change dollars to Naira in Lagos? How long can you live in Nigeria with $200? How much is $1 in Naira?
Do you belong to the group of people wanting to know everything about the American currency and its relationship with the Nigerian currency? Here’s a write-up you need as we are set to answer all the questions above.
We will equally share other important details you should know about Nigerian and American currencies. So, let’s begin with the American currency as we briefly discuss how it becomes one of the most valuable currencies in the world.
Is 200 US Dollars a lot in Nigeria?
Are you planning on visiting Nigeria from the US, UK or from anywhere around the world and wondering what $200 can get you? Read this guide.
Judging from a rich men’s perspective, $200 isn’t much they control a huge amount of money in different bank accounts. However, considering the same value from a poor man’s perspective, $200 is a huge amount of money in Nigeria.
It takes an average civil servant with no other sources of income over 4 months to earn $200. Hence, it is safe to admit that $200 is a lot of money in Nigeria as there are a larger percentage of poor and less-privileged Nigerians than their wealthy counterparts.
How Much Money is enough to exist in Nigeria?
Nigeria isn’t a cheap place to live at the moment. The cost of living keeps increasing daily, no thanks to economic recession, insecurity that has led to food scarcity. Therefore, you need a huge sum of money to live a quality healthy, and happy life in any part of the country.
Though it is hard to predict the specific amount you need to enjoy your stay in Nigeria, we advise you set aside a monthly budget of at least 500, 000 naira to live comfortably in Nigeria. It will cover a 2-bed apartment house rent, transportation, and feeding expenses throughout the month.
Prepare an annual budget of 4 million ($9,600) if you desire to live a moderate and easy life for a year in Nigeria. Meanwhile, we can’t overlook some significant factors while deciding how much it costs to live in Nigeria. These include the type of apartment and your lifestyle.
What can you do with 200 American dollars in Nigeria?
You can do many things with 200 USD in Nigeria. You can purchase some gadgets, including a laptop, 32-inch plasma television, Smartwatch, or Techno Camon C9 with $200.
As a tourist, you can book a night at a very conducive hotel like the highly-rated Hilton hotel, Abuja. Organize night parties with your friends at Eko Hotel and Suite; eat a delicious meal in some state-of-the-art restaurants in some parts of the country.
Other things you can do with $200 in Nigeria include buying four gorgeous dresses for babe and 9 outlandish shirts for yourself, purchasing 12 bundles of traditional Ankara (ethnic print fabric), purchasing 220GB worth of data that could last for 10 months if consumed appropriately, etc.
What if I take only $200 to Lagos Nigeria, Can I live off this?
No. You can’t live in Lagos with $200. It is too low to provide all the required amenities for a good life because Lagos is an expensive place to stay.
As much as there are rural areas with relatively low costs of living within the state, $200 is not enough to survive in the popular and populous Nigerian state.
According to Numbeo, you need at least ₦217,000 —excluding house rent — to live a good life in Lagos as a single young man/woman. A family of four requires an estimated ₦796,000 while a family of three should prepare something within the range.
Is 200 USD worth a lot in Nigeria?
As mentioned already, 200 USD is worth a lot in Nigeria. You can purchase some important facilities with it; feed some vulnerable and underprivileged people in the country.
However, despite its worth, $200 isn’t enough to keep you for long in the country, especially if you intend to live a showy or comfortable life.
How long can I last with $200 in Nigeria?
We must consider some factors before answering this question. Your location, the country’s current economic status, and your lifestyle play a huge role in deciding how long you can stay in Nigeria with 200 USD
You are liable to stay up to one month in Nigeria with $200 if you settle for a low lifestyle such as living in a rural and affordable settlement, renting a small self-contained apartment, and limiting your expenses to only important things.
Unfortunately, you can’t stay in Nigeria beyond one week if you choose to live a lavish and flamboyant life. Apart from an expensive house rent in Lagos and other Nigeria cities, spending much money on unnecessary items will drain your money in no time.
Where to Change Dollars To Naira In Lagos
There is numerous Bureau De change in Nigeria where you can change dollar to naira. Aboki-Price Bureau de Change, at 2, Jaiyeola Street, Dopemu Agege, is one of the popular places to change your dollars to naira in Lagos without being shortchanged.
Where To Change Naira To Dollars To Naira In Nigeria
Places to change Naira to dollars in Nigeria include 313 Bureau De Change (Abuja), Anchoria Bureau De Change Limited (Lagos), Sunej Global Ventures Ltd (Ibadan, Oyo State), A. T. Nasiha Bureau De Change (Kano) Abdulrahman Bureau De Change (Kaduna), among others.
What Is US Dollar
The United States Dollar is the legally recognized currency of the United States and its territories. It is represented by the $ symbol.
The US dollar history could be traced back to 1944 when it was designated as the world’s currency. There are currently seven US dollars bills including $1, $2, $5, $10, $20, $50, and $100.
What Is Naira
Naira is Nigeria’s official currency. It is the legal and widely spent currency in the West African nation. Naira is printed and issued by the Central Bank of Nigeria.
There are currently eight Naira notes in Nigeria; they include ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, and ₦1000