The currency used in the United Arab Emirates is called the dirham. The symbol for this currency is د.إ and the three-letter currency code is AED.
The value of one dirham can be broken down into 100 fils (فلس). Other certain abbreviations can be used for the dirham, such as DH or DHs.
Since its inception on May 19, 1973, it has been of service to seven of the emirates that make up the United Arab Emirates, namely Abu Dhabi, Ajman, Dubai, Fujairah, Fujairah, Ras al-Khaimah, Sharjah, and Umm al-Quwain.
The name “dirham” originates from the Greek word “drachmae,” which can be translated as “handful.” The AED was introduced to replace the Qatari and Dubai riyal at the same value.
UAE Dirham To Naira Black Market Exchange Rate Today
The following details are the current exchange rates that are being offered by Bureau de Change (BDC) operators for selling Dirham in exchange for Naira on the parallel market (also known as the unofficial market).
|Dirham to Naira (AED to NGN)||Black Market Exchange Rate|
UAE Dirham To Naira Official CBN Exchange Rate Today
The following details are the current official exchange rates that are being offered by CBN and banks for selling Dirham in exchange for Naira in the official market.
|Dirham to Naira (AED to NGN)||Black Market Exchange Rate|
Nigerian Currency Naira
The Naira simply identifies as the ₦ is the currency that is used officially in Nigeria. The Nigerian pound was used as a currency until it was replaced by the naira in 1973. It is composed of 100 kobos in total. The Central Bank of Nigeria is the entity responsible for printing naira.
There are various denominations of banknotes such as 5, 10, 20, 50, 100, 200, 500, and 1000 naira.
The Central Bank of Nigeria, also known simply as the CBN, is the nation’s major financial institution. The company has been in business since 1959 and has its headquarters in Abuja.
UAE Currency Dirham
The currency of the United Arab Emirates is called the dirham, and it is named after the United Arab Emirates. It is commonly abbreviated as AED and has a value that may be broken down into 100 fils.
The Emirati dirham was the original name given to the dirham when it was first launched in 1973. It is fixed at a rate of 3.6725 dirhams to the dollar (USD), which is the currency that it is tied to.
The Central Bank of the United Arab Emirates is the entity responsible for issuing the Emirati dirham. Notes can be purchased in quantities ranging from 5 dirhams to 1000 dirhams, with denominations of 5, 10, 20, 50, 100, 200, and 500 also available.
Importance Of The Exchange Rate Between The UAE Dirham And The Nigerian Naira
The United Nations predicted that 15,697 Nigerians were living as expatriates in the UAE in the year 2020. A good number of them send money back to their family in Nigeria from the UAE where they work.
Many households in Nigeria rely heavily on remittances as their primary source of income, and the amount of money that can be sent back to the country is directly related to the current exchange rate.
When the currency rate between AED and NGN is favourable, Nigerians working in the UAE can transfer more money back to their families in Nigeria.
On the other hand, the amount of money that is sent back home will decrease when the exchange rate is unfavourable.
As a consequence of this, Nigerians now residing in the UAE should remain current on the most recent exchange rates to make the most of the money they send home.
Over $17 billion was sent to Nigeria in remittances in 2020, making it one of the largest countries in the world to receive this type of financial assistance.
Remittances from other nations, such as the United Arab Emirates, contribute a considerable amount to this total, even though the majority of this money comes from Nigerians currently residing in the United States and Europe.
The amount of money sent back to Nigeria by its citizens living abroad has a beneficial effect on the country’s economy.
Sending money back home may be a significant means in the fight against poverty and injustice, as well as a driver of economic expansion.
For instance, one may utilize them to make investments in a company or education, or they could be used to meet fundamental requirements like securing adequate shelter and sustenance.
Also, because they are a consistent source of foreign currency, remittances can contribute to the stabilization of the regional economy.
Families that are having trouble making ends meet may benefit from remittances in times of economic uncertainty because they can serve as a safety net. Because of this, remittances are an extremely important component of the Nigerian economy.
In 2019, the United Arab Emirates exported items to Nigeria with a total value of 1.08 billion dollars (source: WITS – trade database of the World Bank).
UAE Dirham To Naira Exchange Rate Frequently Asked Questions
Is The Dubai Dirham Value Greater Than The Naira?
The most recent figures available for currency conversion show that one United Arab Emirates Dirham is equivalent to 165 Naira on the black market.
Steps To Take When Sending Money From Dubai To Nigeria
Best Money Transfers Wise (ex-TransferWIse) Western Union TransferGo, WorldRemit, Skrill, and Remitly are some of the other options.
Wise Account, Revolut, N26, Monese bunq, and Starling Bank are some of the best neo banks currently available.
Is The Money Used In Dubai More Expensive Than The Dollar?
The Emirati dirham, which is the currency used in Dubai, is pegged to the dollar. Because of its stability, it can remain very inelastic, and the value of the money is not expected to fluctuate by a significant amount from one year to the next. Just so you are aware, one dollar in American currency is about 3.67 dirhams.
How Do I Sell My Dirhams?
You can sell your UAE Dirham to BDC Aboki exchangers at the black market rate or you sell to your bank at the official CBN rate.
How it works
- Simply enter the number of UAE Dirhams that you wish to sell. Give an estimate of the amount of Dirham you will be sent back from the UAE.
- Finally, make sure to fill out the purchase back order form.
- Send your United Arab Emirates Dirham in a registered envelope.
- Receive money.
Is The Dirham Currency Getting Stronger?
According to the statistics, the value of the UAE dirham has appeared to strengthen over the years alongside the expansion of the UAE economy.
The UAE dirham has been the most stable of the major countries’ currencies that are used in the subcontinent.
The exchange rate between the dirham and the naira is an essential aspect for Nigerians who live in the United Arab Emirates since it determines how much money they can send back to their families in Nigeria.