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Bonfire to Nigerian Naira Converter and calculator

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Convert 1Bonfire (BONFIRE) to Nigerian Naira (NGN) equals ₦ 0.{4}1378 | Bitget
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Last updated as of 2023/09/01 02:23:05 (UTC+0)Refreshrefresh
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Bitget converter offers real-time exchange rates, allowing for easy conversion of Bonfire(BONFIRE) to Nigerian Naira(NGN). This is the real-time data. The current conversion shows 1 BONFIRE at a value of 1 BONFIRE for 0.00 NGN . Since crypto prices can change rapidly, we suggest checking back for the latest conversion result.

NGN 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.

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

BONFIRE to NGN conversion rate trend

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In the past 1D, Bonfire has changed -3.00% to NGN. Based on the trend and price charts, Bonfire(BONFIRE) has changed -3.00% to NGN while Nigerian Naira(NGN) has changed % to BONFIRE in the last 24 hours.

BONFIRE to NGN market statistics

BONFIRE/NGN:
₦ 0.{4}1378
BONFIRE 24h volume:
₦ 491,197.94
BONFIRE market cap:
--
BONFIRE circulating supply:
0 BONFIRE

Current BONFIRE to NGN exchange rate

Bonfire to Nigerian Naira is rising this week.
Bonfire's current market price is ₦ 0.{4}1378 per BONFIRE, with a total market cap of ₦ 0 NGN based on a circulating supply of -- BONFIRE. The trading volume of Bonfire has changed by +250.69% (₦ 351,133.2 NGN) in the last 24 hours. Last trading day, BONFIRE's trading volume was ₦ 140,064.74.

BONFIRE to NGN Conversion tables

The exchange rate of Bonfire is decreasing.
1 BONFIRE is currently valued at ₦ 0.{4}1378 NGN , which means buying 5 BONFIRE will cost ₦ 0.{4}6888 NGN . Similarly, ₦1 NGN can be traded for 72,586.51 BONFIRE, and ₦50 NGN can be converted to 3,629,325.26 BONFIRE, excluding any platform or gas fees.
The exchange rate of 1 BONFIRE to Nigerian Naira has changed by +11.68% in the last 7 days. In the last 24 hours, the rate has fluctuated by -3.00%, reaching a high of 0.{4}1378 NGN and a low of 0.{4}1330 NGN . One month ago, the value of 1 BONFIRE was ₦ 0.{4}1513 NGN , which represents a -9.22% change from its current value. Over the last year, Bonfire has changed by
+
0.{7}5273NGN
, resulting in a change of +9.15% in its value.

BONFIRE to NGN

Amount
15:24 today
0.5 BONFIRE
0.{5}6888
1 BONFIRE
0.{4}1378
5 BONFIRE
0.{4}6888
10 BONFIRE
0.0001378
50 BONFIRE
0.0006888
100 BONFIRE
0.001378
500 BONFIRE
0.006888
1000 BONFIRE
0.01378

NGN to BONFIRE

Amount15:24 today
0.5NGN36,293.25  BONFIRE
1NGN72,586.51  BONFIRE
5NGN362,932.53  BONFIRE
10NGN725,865.05  BONFIRE
50NGN3,629,325.26  BONFIRE
100NGN7,258,650.52  BONFIRE
500NGN36,293,252.6  BONFIRE
1000NGN72,586,505.19  BONFIRE
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BONFIRE to NGN Today vs. 24 hours ago

Amount15:24 today24 hours ago24h change
0.5 BONFIRE₦0.{5}6888₦0.{5}7095
-3.00%
1 BONFIRE₦0.{4}1378₦0.{4}1419
-3.00%
5 BONFIRE₦0.{4}6888₦0.{4}7095
-3.00%
10 BONFIRE₦0.0001378₦0.0001419
-3.00%
50 BONFIRE₦0.0006888₦0.0007095
-3.00%
100 BONFIRE₦0.001378₦0.001419
-3.00%
500 BONFIRE₦0.006888₦0.007095
-3.00%
1000 BONFIRE₦0.01378₦0.01419
-3.00%

BONFIRE to NGN Today vs. 1 month ago

Amount15:24 today1 month ago1M change
0.5 BONFIRE₦0.{5}6888₦0.{5}7567
-9.22%
1 BONFIRE₦0.{4}1378₦0.{4}1513
-9.22%
5 BONFIRE₦0.{4}6888₦0.{4}7567
-9.22%
10 BONFIRE₦0.0001378₦0.0001513
-9.22%
50 BONFIRE₦0.0006888₦0.0007567
-9.22%
100 BONFIRE₦0.001378₦0.001513
-9.22%
500 BONFIRE₦0.006888₦0.007567
-9.22%
1000 BONFIRE₦0.01378₦0.01513
-9.22%

BONFIRE to NGN Today vs. 1 year ago

Amount15:24 today1 year ago1Y change
0.5 BONFIRE₦0.{5}6888₦0.{5}6328
+9.15%
1 BONFIRE₦0.{4}1378₦0.{4}1266
+9.15%
5 BONFIRE₦0.{4}6888₦0.{4}6328
+9.15%
10 BONFIRE₦0.0001378₦0.0001266
+9.15%
50 BONFIRE₦0.0006888₦0.0006328
+9.15%
100 BONFIRE₦0.001378₦0.001266
+9.15%
500 BONFIRE₦0.006888₦0.006328
+9.15%
1000 BONFIRE₦0.01378₦0.01266
+9.15%

How to convert BONFIRE to NGN

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Convert BONFIRE to NGN
Use a variety of payment options to buy Bonfire on Bitget. We'll show you how.

Buy BONFIRE (or USDT) for NGN (Nigerian Naira) offers

Bitget P2P trading does not currently support direct buying of BONFIRE with NGN. However, you can buy USDT in Bitget P2P trading first, and then buy BONFIRE with USDT via Bitget spot market.
Merchants (trades/completion rate)PriceAmount/limit
Low to high
Payment methods
Zero fees
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Sell BONFIRE (or USDT) for NGN (Nigerian Naira) offers

Bitget P2P trading currently does not support direct selling of BONFIRE to NGN. However, you can first exchange BONFIRE for USDT in the Bitget spot market, and then sell USDT to USD in Bitget P2P trading.
Merchants (trades/completion rate)PriceAmount/limit
High to low
Payment methods
Zero fees
Action
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What factors influence the conversion rate of BONFIRE to NGN?

There are many factors that affect the relationship between Bonfire 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 BONFIRE/NGN. When there is positive news in the market about the widespread adoption of BONFIRE or major technological breakthroughs, it tends to trigger market optimism and drive the rise of BONFIRE/NGN. Conversely, negative news, such as regulatory crackdowns and security vulnerabilities, may trigger market panic and lead to a decline in BONFIRE/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.
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 BONFIRE/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 Bonfire and adjust their investment strategies accordingly in the evolving market.

Bonfire price prediction

What will the price of BONFIRE be in 2026?

Based on BONFIRE's historical price performance prediction model, the price of BONFIRE is projected to reach $0.{7}1085 in 2026.

What will the price of BONFIRE be in 2031?

In 2031, the BONFIRE price is expected to change by +31.00%. By the end of 2031, the BONFIRE price is projected to reach $0.{7}3402, with a cumulative ROI of +287.55%.

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FAQ

What is a cryptocurrency calculator?

A cryptocurrency calculator enables users to convert various digital currencies into different world currencies according to the current exchange rate.

How does a cryptocurrency calculator work?

A cryptocurrency calculator fetches real-time values from digital currency exchange markets to convert between Bonfire and NGN.

How accurate is a cryptocurrency calculator?

Cryptocurrency calculators are generally highly accurate as they track real-time data from cryptocurrency markets, such as Bonfire and NGN. However, due to the high volatility of the cryptocurrency market, rates can fluctuate rapidly.

Can I trust the results of a cryptocurrency calculator?

While cryptocurrency calculators can provide a good starting point, remember that there might be slight differences in real-time trading due to factors such as time delay and trading platform discrepancies.

Can I use a cryptocurrency calculator for tax purposes?

Cryptocurrency calculators are useful for tax information, like coin values at given times. However, it's better to use tax-specific software or a professional for accurate reporting. Bitget Academy is a useful guide for cryptocurrency taxes, covering tax procedures, crypto transactions, effective planning, and different tax tools. Bitget prioritizes user experience, especially in optimizing tax management. With Advanced API and collaborations like Koinly, Bitget provides a smart, accessible platform for cryptocurrency trade and tax responsibilities.

Can a cryptocurrency calculator be used to convert one type of cryptocurrency to another?

If you want to know the value of Bonfire in NGN, cryptocurrency calculators can help you. But if you want to compare the worth of two different cryptocurrencies, you can use Bitget Convert. This tool simplifies the process of cryptocurrency conversion by allowing you to avoid multiple transactions or frequent transfers between wallets and exchanges. With Bitget Convert, you can seamlessly convert your cryptocurrencies in a user-friendly way.
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.