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As of today, the exchange rate of dollar to naira is NGN1,590.01 to USD1. But it's a different case for Payday. Before we dive into the exchange rate of dollar to naira on the Payday app, let's quickly answer the questions people are asking about Payday operations in Nigeria.
Payday is still operational, but it is currently facing some challenges. The Nigerian fintech company has temporarily suspended its partnership with its Mastercard provider, which affects the issuance of new Mastercard virtual cards. However, users can still utilize its Visa card services without interruption.
Despite these setbacks, Payday continues to offer its virtual dollar card, which allows users to send and receive money, shop online, and pay bills. The service has been particularly beneficial for Nigerians amid recent restrictions on international transactions by banks and other fintech companies.
Furthermore, Payday has been in discussions about a potential acquisition, indicating ongoing interest in the company's future despite its current operational hurdles. Overall, while there are some limitations, Payday remains functional and is actively managing its services.
As of today, the exchange rate on Payday, formerly Changera, shows that 1 US Dollar (USD) is equivalent to approximately 1,626 Nigerian Naira (NGN). This conversion rate implies that larger amounts of USD translate into significantly higher amounts of NGN. For instance, converting 100 USD would yield 162,600 NGN, while 1,000 USD would convert to 1,626,000 NGN.
Conversely, when converting Nigerian Naira to US Dollars, 1 NGN is equivalent to about 0.00061501 USD. This means that larger sums of NGN result in smaller amounts of USD. For example, converting 50,000 NGN would give approximately 30.75 USD.
Payday is a fintech platform founded by Favour Ori that provides these currency conversion services along with other global payment solutions, including virtual Mastercards (that was recently suspended), Visa Dollar Cards and payments for foreign employees.