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The Reserve Bank to Nigerian Naira (PENNIES to NGN)

PENNIES to NGN Converter and calculator

PENNIES/NGN: 1 PENNIES = 0.01934 NGN. The price of converting 1 The Reserve Bank (PENNIES) to Nigerian Naira (NGN) is 0.01934 NGN today.
PENNIES
PENNIES
NGN
Last updated as of 2023/09/01 02:23:05 (UTC+0)Refreshrefresh
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Bitget converter provides PENNIES to NGN real-time exchange rates, making it easy to convert The Reserve Bank (PENNIES) to Nigerian Naira (NGN). The conversion result is based on real-time data. The conversion result shows that 1 PENNIES is currently valued at 0.01934 NGN. Since crypto prices can change rapidly, we recommend checking back for the conversion result.
1 PENNIES is currently valued at 0.01934 NGN, which means buying 5 PENNIES would cost 0.09669 NGN. Similarly, ₦1 NGN can be converted to 51.71 PENNIES, and ₦50 NGN can be converted to 258.56 PENNIES, excluding any platform or gas fees.

Convert PENNIES to NGN

Convert NGN to PENNIES

The Reserve Bank
Nigerian Naira
1 PENNIES
0.01934  NGN
Exchange 1 PENNIES for 0.01934 NGN
2 PENNIES
0.03868  NGN
Exchange 2 PENNIES for 0.03868 NGN
5 PENNIES
0.09669  NGN
Exchange 5 PENNIES for 0.09669 NGN
10 PENNIES
0.1934  NGN
Exchange 10 PENNIES for 0.1934 NGN
20 PENNIES
0.3868  NGN
Exchange 20 PENNIES for 0.3868 NGN
50 PENNIES
0.9669  NGN
Exchange 50 PENNIES for 0.9669 NGN
100 PENNIES
1.93  NGN
Exchange 100 PENNIES for 1.93 NGN
200 PENNIES
3.87  NGN
Exchange 200 PENNIES for 3.87 NGN
500 PENNIES
9.67  NGN
Exchange 500 PENNIES for 9.67 NGN
1000 PENNIES
19.34  NGN
Exchange 1000 PENNIES for 19.34 NGN
5000 PENNIES
96.69  NGN
Exchange 5000 PENNIES for 96.69 NGN
10000 PENNIES
193.38  NGN
Exchange 10000 PENNIES for 193.38 NGN
In the table above, you'll find a comprehensive PENNIES to NGN converter that shows the value of The Reserve Bank in Nigerian Naira across commonly used conversion amounts. The list covers conversions from 1 PENNIES to NGN, all the way up to 10000 PENNIES, providing a clear view of their respective values.
Nigerian Naira
The Reserve Bank
1 NGN
51.71 PENNIES
Exchange 1 NGN for 51.71 PENNIES
10 NGN
517.13 PENNIES
Exchange 10 NGN for 517.13 PENNIES
50 NGN
2,585.64 PENNIES
Exchange 50 NGN for 2,585.64 PENNIES
100 NGN
5,171.28 PENNIES
Exchange 100 NGN for 5,171.28 PENNIES
200 NGN
10,342.55 PENNIES
Exchange 200 NGN for 10,342.55 PENNIES
500 NGN
25,856.38 PENNIES
Exchange 500 NGN for 25,856.38 PENNIES
1000 NGN
51,712.77 PENNIES
Exchange 1000 NGN for 51,712.77 PENNIES
2000 NGN
103,425.54 PENNIES
Exchange 2000 NGN for 103,425.54 PENNIES
5000 NGN
258,563.84 PENNIES
Exchange 5000 NGN for 258,563.84 PENNIES
10000 NGN
517,127.68 PENNIES
Exchange 10000 NGN for 517,127.68 PENNIES
50000 NGN
2,585,638.4 PENNIES
Exchange 50000 NGN for 2,585,638.4 PENNIES
100000 NGN
5,171,276.81 PENNIES
Exchange 100000 NGN for 5,171,276.81 PENNIES
In the table above, you'll find a comprehensive NGN to PENNIES converter that shows the value of Nigerian Naira in The Reserve Bank across commonly used conversion amounts. The list covers conversions from 1 NGN to PENNIES, all the way up to 100000 NGN, providing a clear view of their respective values.

PENNIES to NGN chart

PENNIES/NGN: 1 PENNIES = 0.01934 NGN; 2026/02/25 14:22:06
In the past 1D, The Reserve Bank has changed -44.83% to NGN. Based on the trend and price charts, The Reserve Bank(PENNIES) has changed -44.83% to NGN while Nigerian Naira(NGN) has changed % to PENNIES in the last 24 hours.
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PENNIES to NGN conversion data: Volatility and price changes of The Reserve Bank in NGN

The highest The Reserve Bank price in NGN over the past 7 days was 0.06989 NGN while the lowest The Reserve Bank price in NGN over the past 7 days was 0.01509 NGN. The relative change between the highs and lows in The Reserve Bank price in NGN over the last 7 days indicates a volatility of %. You can view additional volatility data and PENNIES to NGN prices for the past 24 hours, 30 days, and 90 days in the table above.
Last 24 hours Last 7 days Last 30 days Last 90 days
High
0.03856 NGN
0.06989 NGN
0.06989 NGN
0.06989 NGN
Low
0.01680 NGN
0.01509 NGN
0.01509 NGN
0.01509 NGN
Average
0 NGN
0 NGN
0 NGN
0 NGN
Volatility
%
%
%
%
Change
-44.83%
+126.71%
+20.26%
+18.84%

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Bitget P2P trading does not currently support direct buying of PENNIES with NGN. However, you can buy USDT in Bitget P2P trading first, and then buy PENNIES with USDT via Bitget spot market.
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The Reserve Bank information

PENNIES to NGN market statistics

PENNIES/NGN:
₦0.01934
PENNIES 24h volume:
₦3,405,455.39
PENNIES market cap:
--
PENNIES circulating supply:
0 PENNIES

Current PENNIES to NGN exchange rate

The Reserve Bank to Nigerian Naira is rising this week.
The Reserve Bank's current market price is ₦0.01934 per PENNIES, with a total market cap of ₦0 NGN based on a circulating supply of -- PENNIES. The trading volume of The Reserve Bank has changed by -75.97% (₦-10,766,463.37 NGN) in the last 24 hours. Last trading day, PENNIES's trading volume was ₦14,171,918.76.

More info about The Reserve Bank on Bitget

Nigerian Naira information

About the Nigerian Naira (NGN)

What Is the Nigerian Naira (NGN)?

The Nigerian Naira is the official currency of Nigeria, a country in West Africa. The Naira is symbolized by ₦ and has the currency code NGN. One Naira is divided into 100 Kobo. As Africa's largest economy, Nigerian Naira plays a crucial role both domestically and in the African financial landscape. The Nigerian Naira is the sole legal tender in Nigeria, and it is used for all transactions within the country.

The Nigerian Naira is issued by the Central Bank of Nigeria (CBN), which is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. The CBN is responsible for the design, production, and distribution of the currency, as well as for implementing monetary policy and maintaining the value of the Naira.

What Is the History of NGN?

The Nigerian Naira, introduced on January 1, 1973, marked a significant milestone in Nigeria's economic history, replacing the Nigerian pound at a rate of 2 Naira for 1 pound. This transition signified Nigeria's shift from the British pound sterling to a distinct and independent decimal currency system. The name 'Naira' was derived from 'Nigeria', symbolizing the nation's sovereignty in monetary matters. The initial series of banknotes and coins were the first to be issued by an independent Nigeria, with the coins being the last to feature Queen Elizabeth II, reflecting the country's colonial history.

Notes and Coins of NGN

The Nigerian Naira (NGN) comprises a variety of coins and banknotes, each with distinct values and designs. Coins in circulation include denominations of 50 Kobo, 1 Naira, and 2 Naira. Banknotes are issued in denominations of ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, and ₦1000.

What Is eNaira?

The eNaira is the first African central bank digital currency (CBDC). Launched on October 25, 2021, by President Muhammadu Buhari, the eNaira is issued and regulated by the Central Bank of Nigeria (CBN). It operates as a legal tender, just like physical Naira, but in a digital form, maintaining a one-to-one value with the traditional Naira. The eNaira aims to enhance financial inclusion, improve payment efficiency, and facilitate seamless cross-border transactions. It operates on a blockchain network, allowing peer-to-peer transactions without intermediaries, distinguishing itself from decentralized cryptocurrencies like Bitcoin by running on a private blockchain controlled by the CBN. Users access the eNaira through digital wallets, with transactions promising speed, reduced costs, and increased convenience.

Is NGN Pegged to GBP?

No, the Nigerian Naira (NGN) is not pegged to the British Pound Sterling (GBP). The Naira operates on a floating exchange rate system, where its value is determined by market forces based on supply and demand in the foreign exchange market.

Historically, Nigeria used the British Pound Sterling during its time as a British colony and for some years after gaining independence. However, in 1973, Nigeria introduced the Naira to replace the Pound Sterling and established its own monetary system. Since then, the Naira has not been pegged to the Pound Sterling or any other foreign currency but has been subject to fluctuations in the international currency markets.

Is NGN a Stable Currency?

The Nigerian Naira (NGN) has historically faced challenges regarding stability. The Naira had been experiencing significant fluctuations, largely due to factors such as political instability, economic challenges, and fluctuations in oil prices, which is a major revenue source for Nigeria. For instance, in 2021, the official exchange rate of the Naira to the US Dollar was around 380 NGN to 1 USD, while the parallel market rate was much higher, around 475 NGN to 1 USD. In June 2023, the Naira fell 23% in a day to a rate of ₦600 to US$1. This discrepancy indicates ongoing challenges in achieving currency stability.

Bitget crypto-to-fiat exchange data shows that the most popular The Reserve Bank currency pair is the PENNIES to NGN, with for The Reserve Bank's currency code being PENNIES. Use our cryptocurrency calculator now to see how much your cryptocurrency can be exchanged for NGN.

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PENNIES to NGN Conversion tables

The exchange rate of The Reserve Bank is increasing.
The exchange rate of 1 PENNIES to Nigerian Naira has changed by +126.71% in the last 7 days. In the last 24 hours, the rate has fluctuated by -44.83%, reaching a high of 0.03856 NGN and a low of 0.01680 NGN . One month ago, the value of 1 PENNIES was ₦-0.{4}9349 NGN , which represents a +20.26% change from its current value. Over the last year, The Reserve Bank has changed by
+
0.01943NGN
, resulting in a change of -50.93% in its value.
24 hours ago1 month ago1 year ago
Amount 14:22 today 24 hours ago 24h change
0.5 PENNIES
₦0.009669₦0.01756
-44.83%
1 PENNIES
₦0.01934₦0.03513
-44.83%
5 PENNIES
₦0.09669₦0.1756
-44.83%
10 PENNIES
₦0.1934₦0.3513
-44.83%
50 PENNIES
₦0.9669₦1.76
-44.83%
100 PENNIES
₦1.93₦3.51
-44.83%
500 PENNIES
₦9.67₦17.56
-44.83%
1000 PENNIES
₦19.34₦35.13
-44.83%

PENNIES to NGN FAQ

How much is 1 The Reserve Bank in NGN?
Right now, the price of 1 The Reserve Bank (PENNIES) in Nigerian Naira (NGN) is ₦0.01934.
How much PENNIES can I buy for 1 NGN?
Based on the current exchange rate, you can get 51.71 PENNIES for 1 NGN.
How do I calculate or convert PENNIES to NGN?
You can use our PENNIES to NGN calculator at the top of this page to convert any amount of PENNIES to NGN. We've also included quick-reference tables for the most popular conversions. For example, 5 NGN is equivalent to 258.56 PENNIES, while 5 PENNIES will cost around 0.09669NGN.
What is the highest price of PENNIES/NGN in history?
The all-time high price of 1 PENNIES in NGN is ₦0.06989. It remains to be seen if the value of 1 PENNIES/NGN will exceed the current all-time high.
What is the price trend of The Reserve Bank in NGN?
Over the past 7 days, the exchange rate of The Reserve Bank (PENNIES) has gone up by 126.71%.   Over the last month, the exchange rate of The Reserve Bank (PENNIES) has gone up by 20.26% against Nigerian Naira (NGN).

What factors influence the conversion rate of PENNIES to NGN?

There are many factors that affect the relationship between The Reserve Bank and Nigerian Naira, spanning multiple dimensions such as macroeconomic trends, policy regulation, and technological innovation. Specifically, the following key factors play an important role:
Market sentiment:Investor sentiment and confidence have a significant impact on the dynamics of PENNIES/NGN. When there is positive news in the market about the widespread adoption of PENNIES or major technological breakthroughs, it tends to trigger market optimism and drive the rise of PENNIES/NGN. Conversely, negative news, such as regulatory crackdowns and security vulnerabilities, may trigger market panic and lead to a decline in PENNIES/NGN.
Regulatory environment:Government policies and regulations surrounding cryptocurrencies have a direct impact on their acceptance, which in turn determines their value relative to traditional currencies such as the US dollar. Clear and supportive regulations can enhance investor confidence in cryptocurrencies and drive their value up. Conversely, vague or overly strict regulatory policies may hinder the development of cryptocurrencies and cause their value to fall.
Economic indicators:Macroeconomic factors in the country where the fiat currency is issued—such as inflation rates, interest rates, and key economic growth indicators—play a crucial role in determining the fiat currency's value and indirectly affect the exchange rate of PENNIES/NGN. For example, high inflation rates may lead to a decrease in market trust in fiat currencies, thereby increasing investors' demand for cryptocurrencies such as Bitcoin as a hedge, driving up their prices.
Technological progress:The continuous development and innovation of blockchain technology, as well as various improvements in the cryptocurrency ecosystem—such as expansion solutions and security enhancements—have provided strong support for the value growth of cryptocurrencies like Bitcoin.
Investors must understand these dynamics to avoid making wrong decisions. After considering these factors, investors should also closely monitor future changes in the price of The Reserve Bank and adjust their investment strategies accordingly in the evolving market.

Popular exchange rates — Crypto-to-Fiat converter

Bitget crypto-to-fiat exchange data shows the popular The Reserve Bank currency pairs: PENNIES to US Dollar (USD), PENNIES to Euro (EUR), PENNIES to Pound Sterling (GBP), PENNIES to Canadian Dollar (CAD), PENNIES to Indian Rupee (INR), PENNIES to Pakistani Rupee (PKR), PENNIES to Brazilian Real (BRL), PENNIES to…
The price of The Reserve Bank in the US is $0.C$0.{4}19601430 USD. Additionally, The Reserve Bank’s price is €0.{4}1215 EUR in the eurozone, £0.{4}1060 GBP in the UK, {4} CAD in Canada, ₹0.001301 INR in India, ₨0.003999 PKR in Pakistan, R$0.{4}7370 BRL in Brazil, and more.
The most popular The Reserve Bank currency pair is the PENNIES to Nigerian Naira(NGN). The price of 1 The Reserve Bank (PENNIES) in Nigerian Naira (NGN) is ₦0.01934.

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This content is being provided to you for informational purposes only, does not constitute an offer, or solicitation of an offer nor a recommendation by Bitget to buy, sell, or hold any security, financial product, or instrument referenced in the content, and does not constitute investment advice, financial advice, trading advice, or any other sort of advice. Data presented may reflect asset prices traded on the Bitget exchange as well as other cryptocurrency exchanges and market data platforms. Bitget may charge fees for the processing of cryptocurrency transactions which may not be reflected in the conversion prices displayed. Bitget is not liable for any errors or delays in content or for any actions taken in reliance on any content.
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