NIGERIAN NAIRA - NGN
The NIGERIAN NAIRA, currency code NGN, is the currency of NIGERIA.
It is quoted in Eforex India as currency pairs NGNUSD and NGNINR
Currencies can either be convertible on the Current account , Capital Account or both and this decides their trading hours. A currency which are on both are fully convertible and is quoted 24 hours , irrespective of the trading hours of their country. Partly convertible currencies trade within the banking hours of their country while there are currencies which are pegged by their respective Central Bank and will not see much change through the day.
Eforex India provides live interbank quotes of all currencies across the globe against the USD and also against the local currency Indian Rupee ( INR) and it one of the very few platforms which offers it on a single window across the globe. Forwards of all major currencies against the USD and INR can also be accessed on this platform.
APIs or Automated Currency feeds of all currencies against the USD and the local currencies are also offered in different intervals to suit the requirements of the different organizations. APIs can be used for front end website product pricing as well as backend operations and integrated on the SAP, Oracle, MS products etc.
Users need to be mindful of inter-bank quotes and derivative exchange quotes in futures of their country. Currency quotes of certain countries are also available on the Non-Deliverable Forwards (NDF) and while all these quotes will also be on Spot value, they will not be different from each other at a particular point of time. For all trade related and settlement purposes, only Inter-bank quotes are relevant and Eforex India platform quotes for inter-bank markets only. Some other platforms also quote these currencies from NDF and derivative platforms but such quotes must be used with caution and in keeping with the end use in mind.