Converting from Israeli Shekel (ILS) to Nigerian Naira (NGN)

What is Israeli Shekel (ILS)

The Israeli Shekel (ILS) is the official currency of Israel and is abbreviated as "₪." It has a rich history, with roots tracing back to ancient times. The modern Shekel was introduced in 1985, replacing the previous currency known as the Old Israeli Shekel. The current Shekel is often referred to simply as the "New Shekel" or "Shekel" to distinguish it from its predecessor.

The Shekel is subdivided into 100 agorot, with coins available in denominations of 10 agorot, 0.5, 1, 2, 5, and 10 Shekels. Banknotes are issued in amounts of 20, 50, 100, and 200 Shekels. The currency is widely accepted in Israel and is used in various transactions, such as retail, banking, and financial exchanges.

In recent years, the Shekel has shown relative stability against other major currencies, influenced by Israel's robust economy and technological advancements. When converting ILS to other currencies, including the Nigerian Naira, it is essential to check the current exchange rate as it fluctuates based on market conditions.

What is Nigerian Naira (NGN)

The Nigerian Naira (NGN) is the official currency of Nigeria, abbreviated as "₦." Introduced in 1973 to replace the Nigerian Pound, the Naira is essential for daily transactions in Nigeria, as it supports a growing economy with diverse industries, including oil, agriculture, and telecommunications.

The Naira is subdivided into 100 kobo. Coins are available in denominations of 1, 5, 10, 25, and 50 kobo, while banknotes come in 5, 10, 20, 50, 100, 200, 500, and 1000 Naira denominations. The Nigerian Central Bank manages the currency, regulating its supply and maintaining the nation's monetary policy.

The value of the Naira can be volatile when compared to other currencies, impacted by several factors, including inflation, economic performance, and foreign investment. When converting NGN to foreign currencies like the Israeli Shekel, it’s crucial to be aware of the current exchange rate, as it can change frequently.

Converting ILS to NGN

To convert from Israeli Shekel (ILS) to Nigerian Naira (NGN), you need to know the most recent exchange rate, which can fluctuate daily. The exchange rate signifies how much one currency is worth relative to another.

As an example, if the exchange rate is ＄1 ILS = 140 NGN＄, to convert 100 ILS into NGN, you would calculate

100 ILS × 140 NGN/ILS = 14,000 NGN

.

Ultimately, keeping an eye on currency trends and consulting financial news can help you achieve the best conversion rates possible.