What is the Value of a $200 Walmart Gift Card in Naira?

Receiving a gift card can be an exciting experience, especially when it’s from a popular store like Walmart. However, if you receive a Walmart gift card but live in Nigeria, you may be wondering what the card’s value is in the local currency, the Naira.

In this comprehensive guide, we will walk you through everything you need to know about determining the value of a $200 Walmart gift card in Naira. We’ll start by explaining exchange rates, and then calculate the card’s direct conversion value. We’ll also compare rates from different gift card exchange platforms, discuss factors that affect the actual exchange value, and provide tips for getting the best deal.

Whether you’ve already received a Walmart gift card or are considering gifting one to a friend in Nigeria, this guide will ensure you understand its local currency value. Let’s dive in!

Understanding Exchange Rates

An exchange rate is the price of one currency in terms of another currency. For our purposes, we are looking at the exchange rate between the US Dollar (USD) and the Nigerian Naira (NGN).

This rate fluctuates daily based on factors like relative interest rates, inflation, trade balances, political stability, and investor speculation. Exchange rates allow us to determine the equivalent value of the two currencies.

Current Exchange Rate Between USD and Naira

As of December 2022, the current exchange rate between USD and NGN is approximately:

1 USD = 445 NGN

This means 1 US Dollar can be exchanged for 445 Nigerian Naira. The rate varies slightly between forex dealers and commercial banks, but 445 NGN is the benchmark.

Factors Influencing the Exchange Rate

Several macroeconomic factors determine the dynamic exchange rate between the Dollar and Naira:

• Relative interest rates – Higher interest rates in one country increase demand for its currency. Nigeria frequently raises rates to curb inflation.
• Inflation – High inflation reduces the value of a currency. Nigeria’s inflation is over 20%, while US inflation is under 8%.
• Trade balances – If Nigeria imports more than it exports, demand for USD rises as Nigerians exchange Naira to pay for imports.
• Oil prices – Nigeria relies heavily on oil exports, so falling oil prices mean less foreign revenue entering Nigeria in USD.
• Government policy – The Central Bank of Nigeria frequently adjusts monetary policy and introduces new regulations to stabilize the Naira against USD.
• Investor speculation – When investors expect a currency to weaken, they will sell it in large volumes. This speculation can become a self-fulfilling prophecy.

These are some of the major factors that drive changes in the USD/NGN exchange rate daily and over longer periods. Knowing what affects the rate helps us better understand the actual conversion value of our $200 Walmart gift card.

Value of $200 Walmart Gift Card in Naira

Using the current exchange rate of 1 USD = 445 NGN, let’s calculate the base exchange value of a $200 Walmart gift card in Nigerian Naira:

$200 USD * 445 (exchange rate) = 89,000 NGN

Therefore, at the standard forex exchange rate, a $200 Walmart gift card will directly convert to approximately 89,000 Naira in Nigeria today.

This straightforward calculation gives us the reference point for the dollar gift card’s worth in local currency. However, you may be able to get an even better Naira value for your card depending on where you exchange it.

Comparing Exchange Rates from Different Platforms

While 89,000 NGN is the base exchange value, various gift card trading platforms offer different Dollar to Naira rates. Here is a comparison of rates offered by popular platforms:

• Busitel – 1 USD = 470 NGN
• Cardtonic – 1 USD = 460 NGN
• GiftCardsNg – 1 USD = 450 NGN
• CryptoMartNG – 1 USD = 455 NGN

Rates fluctuate regularly on these sites, but are often well above the standard 445 NGN market rate.

Using the Cardtonic rate, our $200 Walmart card would exchange for 92,000 NGN – 3,000 Naira more than the base conversion value.

The best platform depends on their reputation, safety, fees, and current rates. We’ll analyze those factors when reviewing the top exchange sites later in this guide.

Factors That May Affect Actual Exchange Value

While we’ve determined the $200 Walmart gift card converts to approximately 89,000 – 92,000 Naira, the actual amount you receive may be influenced by:

• Transaction fees – Most platforms charge fees ranging from 1-5% per trade. Higher fees mean less Naira received.
• Card denomination – $100 cards often have better rates than $200 or $500 cards.
• Payment method – Exchanging for cash, bank transfer, or crypto can affect the rate offered.
• Market fluctuations – Changing supply and demand impacts daily conversion rates.
• Scarcity – Rare or out-of-stock gift cards sometimes command higher rates.

Considering these factors will help you evaluate the effective Naira value when exchanging your Walmart gift card. Getting a great rate involves both choosing the right platform and optimizing based on card value and payment preferences.

Platforms for Exchanging Walmart Gift Cards to Naira

If you have a Walmart gift card, the easiest way to get the maximum Naira value is to exchange it using an online gift card trading platform. Here are some of the most popular options Nigerians use:

Busitel

Busitel allows you to exchange gift cards for Naira with bank transfer payment. They offer excellent Dollar rates, often over 470 NGN.

Pros:

• Very high exchange rates for Walmart & other US cards
• Fast bank transfer payment
• Low 2% trading fee
• Easy user interface

Cons:

• Requires ID verification
• Only pays out in Naira via bank transfer

Cardtonic

Cardtonic has competitive rates, including 460 NGN for Walmart cards. You can exchange for Naira, Bitcoin, USDT, and other payment options.

Pros:

• Above-average USD exchange rates
• Pays out in Naira, crypto, airtime
• Relatively quick verification
• Reasonable 3% fee

Cons:

• Mixed reputation for reliability
• Rates fluctuate frequently

GiftCardsNg

GiftCardsNg trades various gift cards for Naira, Bitcoin, Perfect Money, and more. Their US Dollar rate is around 450 NGN.

Pros:

• Allows crypto, PerfectMoney, airtime payouts
• Established platform with good reputation
• Simple exchange process

Cons:

• USD rates slightly below competitors
• Verification can take 1-2 days

CryptoMartNG

CryptoMartNG specializes in exchanging gift cards for Bitcoin or USDT at good rates. Their average rate for Walmart is 455 NGN.

Pros:

• Specializes in crypto payouts
• Excellent rates for crypto buyers
• Quick verification and fast trading

Cons:

• Only pays out in crypto, not Naira
• Higher trading commissions of 5%

Tips for Choosing a Platform

When selecting a gift card exchange platform, keep the following tips in mind:

• Compare current USD rates across platforms to get the best Naira value.
• Consider what payment method you prefer – Naira, Bitcoin, PerfectMoney, etc.
• Read reviews and check ratings to verify reliability and safety. Avoid platforms with lots of complaints.
• Check for proper registration and certification to reduce scam risk.
• Start with smaller trades first to test site quality before trading high-value cards.

Following these tips will help maximize the Naira you receive and ensure a smooth, successful Walmart gift card exchange.

Selling Walmart Gift Cards for Naira, Bitcoin, Cedis, or USDT

Rather than exchanging your Walmart gift card directly, another option is selling it for cash on peer-to-peer platforms like LocalBitcoins, Paxful, Remitano, etc.

You can often get great rates selling for Naira, Bitcoin, GH Cedis, Tether USDT, or other currencies to buyers across Africa. Here’s an overview of how it works:

Explaining the Selling Process

The process involves:

1. Setting up an account on a selected peer-to-peer platform
2. Posting your Walmart gift card as an offer, specifying the desired currency and exchange rate
3. Waiting for a buyer to initiate a trade for your listed card
4. Providing proof of the gift card value to the buyer
5. Releasing the gift card and receiving payment once the buyer has verified the card

It’s a straightforward process of listing your gift card, agreeing on an exchange rate with a buyer, and facilitating the secure transfer.

Benefits of Selling on P2P Platforms

Some benefits of selling Walmart gift cards on peer-to-peer sites include:

• Ability to set your own sale price and get higher rates
• Multiple currency options – Naira, Bitcoin, Cedis, USDT, etc
• Buyers compete for scarce or high-demand gift cards
• Anonymity – less personal details required
• Secure escrow system protects both parties

Overall, you can maximize your profit selling directly to buyers rather than via third-party exchangers.

Precautions When Selling Gift Cards

However, you should take some basic precautions when listing gift cards for sale:

• Price gift cards competitively based on current exchange rates
• Only release the gift card code after verifying payment
• Insist buyers thoroughly verify the card balance first
• Avoid new buyers with zero reputation or feedback
• Use the platform’s escrow services for high-value trades

Taking these precautions will help avoid potential scams and ensure you get paid for valid gift cards.

Selling Walmart gift cards peer-to-peer allows you to exchange your card directly with a buyer safely while getting the optimal currency value.

Conclusion

Determining the value of a $200 Walmart gift card received from the US takes a bit of research if you live in Nigeria and use the local Naira currency. In this guide, we’ve explored:

• How to calculate the baseline exchange value using current forex rates
• Comparing rates offered on popular gift card trading platforms
• Factors that impact the actual Naira amount received
• An overview of highly-rated exchange sites like Busitel and Cardtonic
• How to maximize value by selling cards for Naira, crypto, etc. peer-to-peer

Based on up-to-date exchange rates and platform offers, a $200 Walmart gift card can be exchanged for approximately 89,000 – 95,000 Naira currently. However, the actual amount depends on choosing a trusted platform, optimizing based on your preferred payment method, and considering various exchange factors.

For Nigerians with Walmart gift cards, take time to evaluate the bestplaces to trade for maximum value. With an optimal exchange, you can make the most of your US gift card to get its full Naira worth.