Turkish Lira to Naira Official and Black Market Exchange Rate Today
The exchange rate between the Turkish Lira and the Nigerian Naira is constantly changing and can be affected by many different factors.
Today, it’s important to stay informed of the current black market exchange rate between these two currencies.
The Turkish Lira Currency
The Turkish lira is the currency of Turkey. It is subdivided into 100 kurus. The Turkish lira is pegged to the U.S. dollar.
The Turkish lira was established in 1923, replacing the Ottoman lira. The Turkish lira is the only lira to have circulated in Turkey. It was the successor of the Ottoman lira.
In 2018, the Turkish lira was devalued sharply, losing over 30% of its value against the U.S. dollar. This caused widespread economic hardship in Turkey and led to a currency crisis.
7 Facts About The Turkish Lira
The Turkish Lira is the currency of Turkey. It was founded in 1923 and is currently divided into 100 kuruş.
The lira is issued by the Central Bank of the Republic of Turkey. Here are 7 facts about the Turkish Lira:
- The Turkish lira is the official currency of Turkey.
- The Turkish lira is subdivided into 100 kurus.
- The Turkish lira was introduced in 1844, replacing the Ottoman lira.
- The Turkish lira is currently pegged to the U.S. dollar.
- The Turkish lira is one of the world’s least traded currencies.
- The Turkish lira is subject to high inflation.
- The Turkish lira is expected to depreciate further in the coming years.
Nigerian Naira Currency
The Nigerian Naira is the official currency of Nigeria. It is issued by the Central Bank of Nigeria.
The Naira was introduced on January 1, 1973, replacing the Nigerian Pound.
The Nigerian Naira is one of the most traded currencies in Africa and is widely used in Nigeria’s large informal economy.
Turkish Lira to Naira Black Market Exchange Rate Today
Turkish Lira to Naira Black Market Exchange Rate Today
1 TRY = 23.895215 NGN
Naira to Turkish Lira Black Market Exchange Rate Today
1 NGN = 0.041849383 TRY
Factors affecting the exchange rate of the Turkish Lira to Naira
On the black market, the rate of exchange between the Turkish Lira and the Nigerian Naira can change a lot for a number of reasons.
The inflation rate is one of the main things that affects the exchange rate between the Turkish Lira and the Nigerian Naira.
Inflation in Turkey is much higher than it is in Nigeria, and this leads to an increase in the value of the Turkish Lira relative to the Nigerian Naira.
This means that as Turkey’s inflation goes up, the Turkish Lira will become more expensive compared to the Nigerian Naira. This will cause the exchange rate to go up.
Another factor affecting the exchange rate is political stability. When politics are unstable in Turkey, the currency can go down, but when politics are stable in Nigeria, the currency can go up.
This means that if there is a period of political unrest in Turkey, it could lead to a lower exchange rate between the two currencies.
On the other hand, if there is a period of political stability in Nigeria, it could result in a higher exchange rate between the two currencies.
Finally, the performance of the Turkish economy can also have an impact on the exchange rate between the Turkish Lira and the Nigerian Naira.
When the economy in Turkey is strong, the currency tends to get stronger, and when the economy is weak, the currency tends to get weaker.
This means that if the Turkish economy is doing well, it could lead to an increase in the exchange rate between the two currencies, while if the economy is not doing well, it could lead to a decrease in the exchange rate.
Countries That Use Turkish Lira
The Turkish lira is the official currency of Turkey and is used in several other countries in the world.
These countries include:
- Northern Cyprus,
- Syria
The Turkish lira may also be accepted as legal currency in other places, such as:
- The Black Sea region of Eastern Europe,
- Lebanon, and
- The Balkans.
How to get the best Turkish Lira to Naira exchange rate
First, do your research and compare the rates of different money changers in your area.
Some may offer better rates than others, so take the time to shop around. Ask friends or colleagues if they have had any luck with particular money changers, and read online reviews if available.
Second, it’s important to understand the factors that can affect the exchange rate.
Exchange rates can fluctuate based on a number of different factors, such as economic conditions in both countries, political stability, and global trends.
Pay attention to current events and make sure you’re aware of any changes in the exchange rate before you make a transaction.
Third, ask the money changer what their commission is and if they have any hidden fees. This will help you determine the final cost of your transaction.
Finally, it’s always wise to bring a calculator when exchanging currency. This way, you can quickly check the rate being offered and make sure you’re getting a good deal.
Turkish Lira to Naira Black Market Exchange Rate Today FAQS
How much is 1tl in Nigeria?
Currently, 1 Turkish lira is worth 23.895215 NGN
What is aboki rate?
The exchange rate for dollars on the black market, also known as the Aboki market, is typically higher than the rate at the banks, which is typically regulated by the Central Bank of Nigeria (CBN).
Does Turkey give Nigerians visa?
Yes, Nigerian citizens and holders of Nigerian passports must get a visa to enter Turkey, even if their stay is brief. The quickest way to obtain a travel permit to enter Turkey is through E-Visa. Travelers with an e-Visa can stay in Turkey for up to one month.
Conclusion
While the official exchange rate is usually much lower, the black market rate is often more competitive.
Therefore, if you’re looking to make a currency exchange, it’s worth doing your research to find the best rate available
It’s also important to stay up-to-date with the latest exchange rate so you can make informed decisions.
