The word “Foreign Exchange” is a very popular term in Nigeria, especially among business people and travelers. Based on its population, the foreign exchange market in Nigeria is one of the biggest in Africa. In 1995 the Central Bank of Nigeria (CBN) introduced an Autonomous Foreign Exchange Market (AFEM) for the sale of foreign exchange to end-users by the CBN through selected authorized dealers at a market-determined exchange rate.
On a daily basis, thousands of Nigerians seek to make exchanges for different purposes. Due to the volatility of the market, it is very important for Nigerians to have first-hand information on the exchange rates across multiple markets. Nairabarter.com hopes to address this problem by becoming the No. 1 Foreign Exchange Hub in Nigeria.
What is Nairabarter.com?
Nairabarter.com is an online platform for daily updates and information on how the Nigerian Naira is performing against other currencies and across multiple exchange markets locally or globally.
If you ever want to know how the Nigerian Naira is performing today against other popular currencies in the world such as the US Dollar, Pounds, Euro, Cedi, Rand and many more, Nairabarter gives you detailed breakdown and analysis of how the Naira is performing on an hourly basis.
Real-time Exchange Rate Analysis.
Advanced live charts for forex trading are free and easy-to-use at Nairabarter. These real-time charting packages let you apply technical analysis to hundreds of FX pairs (eg. USD/NGN).
The charts update live which makes it easy for Nairabarter users to easily have a quick overview of how the Naira is performing against its paired currency.
Online Currency Converter.
Nairabarter.com offers various free online currency tools, including an Online Currency Converter which allows visitors to easily convert any currency of the world to Naira.
With the online currency converter, you can make quick exchange rate conversions such as the Dollar to Naira, Euro to Naira, Pounds to Naira or Cedi to Naira. The tool also takes into consideration cryptocurrency exchanges including BitCoin, Ethereum, LiteCoin, DASH and many more.
Even though cryptocurrencies are not yet accepted in Nigeria at the moment due to regulation issues, the future for Bitcoin and other popular cryptos is bright as some financial exchange platforms are now beginning to accept the virtual currency as a valid exchange of value.
For all crypto fans and investors, the cryptocurrency exchange feature available on Nairabarter makes it very easy to monitor the prices of cryptocurrencies like Bitcoin in Naira.
Exchange Rate Markets.
Exchange rates are a common sight for both travelers to international investors. While the exchange rates vary from countries to countries, the value of the currency remains the same.
Nairabarter.com provides up-to-date exchange rate information across multiple currency exchange markets and platforms.
1. Global Market Rate.
The Global exchange market popularly known as the Forex Market is the number one foreign exchange market in the world. The exchange rates are standardized across all currencies. The Nairabarter platform has full live tracking of how the Naira is performing when paired with other popular currencies in the world.
2. Parallel Market Rates.
The Parallel Market is the major destination for most Nigerians sourcing for foreign exchange. The Parallel Market in Nigeria is also known as the Black Market because the prices vary based on the scarcity of a currency without any form of regulation. Nairabarter provides daily exchange rate information in the Parallel Market to prevent Nigerians from being duped in the market.
3. Bureau D’Change Rate.
In Nigeria, Bureaux De Change are small offices and establishments at which customers can exchange foreign money. These businesses and establishments are regulated by the Central Bank. Nairabarter provides daily information on currency exchange by the thousands of Bureaux De Change in Nigeria.
4. CBN Official Rate.
The Central Bank of Nigeria (CBN) is the Central bank and apex monetary authority of Nigeria. Nairabarter provides daily updates of the official Central Bank of Nigeria exchange rates. The CBN exchange rate is not for individuals that wish to make currency exchange but for banks and other financial institutions.
Western Union is a worldwide company that allows people to send and receives money with ease in different countries of the world. With thousands of agents, the platform operates on a franchise model. Just like any other foreign exchange transactions, Western Union has its own exchange rates which are made public to all Nigerians on the Nairabarter website.
Just like Western Union, MoneyGram offers convenient global money transfer services. It’s easy to send money online or in person; for cash pick-up or direct to a bank in Nigeria. Just like any other foreign exchange transactions, Western Union has its own exchange rates which are made public to all Nigerians on the Nairabarter website.
How to use Nairabarter.com
Using Nairabarter or consuming its rich information is very easy. All you need is a web browser and internet on your mobile phone or laptop and you are ready to go.
The website has a very simple and easy to navigate interface for anyone. Click here to get started now.