Naira (NGN) API and Price Oracle


For informational use only; request a custom oracle/API for production below.
General information
Contract address
Smart contract address of the asset
Blockchain network where the asset is deployed
Pricing methodology used to determine the price of the token in USD. By default, all price feeds on the DIA App are calculated with a MAIR methodology. This parameter is customisable.Learn more about methodologies.
Update frequency
120 seconds is the default update frequency. This parameter is customisable.Learn more about oracle updates.
Next update
24h Volume
The total volume captured by DIA across all the integrated sources.
Volume 24h
Trades 24h
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Token information

What is Naira (NGN)?

Naira (NGN) is the official currency of Nigeria. It was introduced in 1973 to replace the Nigerian pound. The Central Bank of Nigeria manages the currency. The word "Naira" is derived from the Nigerian word "nayra," which means "the first" in Igbo. It serves as a medium of exchange, allowing individuals and businesses to conduct transactions within the Nigerian economy.

How does Naira work?

Naira is a blockchain-based digital currency that operates on the Binance Smart Chain (BSC). The Binance Smart Chain is a popular blockchain network that enables the creation of decentralized applications (DApps) and the issuance of tokens.

The underlying technology behind Naira is similar to other cryptocurrencies, utilizing blockchain technology to ensure transparency, security, and immutability. Blockchain is a distributed ledger system that stores a record of all transactions across a network of computers. In the case of Naira, the Binance Smart Chain serves as the decentralized network that verifies and records transactions.

Naira functions as a medium of exchange, allowing users to send and receive digital payments securely and efficiently. Transactions using Naira are recorded on the BSC, offering transparency and traceability. In addition to its use as a currency, Naira can be held as an investment or used in decentralized applications on the Binance Smart Chain.

As a blockchain-based digital currency, Naira eliminates the need for intermediaries such as banks or payment processors. Transactions can be conducted directly from one user to another, facilitating peer-to-peer transactions and reducing transaction costs.

It is important to note that Naira's value is determined by market demand and supply. As with any cryptocurrency, its price can be subject to volatility. However, as Naira operates on the Binance Smart Chain, it benefits from the robust infrastructure and ecosystem provided by the BSC, which contributes to its functionality and potential adoption.

What are the benefits of Naira?

Naira, the official currency of Nigeria, offers several benefits compared to its direct competitors. One of its key advantages is its stability within the Nigerian economy. Despite facing occasional fluctuations, the Naira has maintained a relatively steady value, providing a level of predictability for businesses and individuals operating within the country.

Another benefit of the Naira is its widespread acceptance and use throughout Nigeria. Being the national currency, it is widely accepted by merchants, businesses, and individuals across various sectors. This widespread acceptance makes it a convenient and easily tradable currency for day-to-day transactions.

Furthermore, the Naira offers a strong level of liquidity in Nigeria's financial market. It is actively traded and supported by several domestic banks, enabling seamless integration into the country's economic activities. Its liquidity allows for efficient exchange and conversion, facilitating domestic business operations and international trade.

Compared to its direct competitors in the region, such as the Cedi of Ghana or the CFA franc used in several West African countries, the Naira's benefits come from its status as the national currency of Nigeria. This grants it a higher level of stability, wider acceptance, and stronger liquidity within the Nigerian economy, which may be advantageous for businesses and individuals operating primarily within the country.

Overall, the Naira's benefits lie in its stability, widespread acceptance, and liquidity within the Nigerian economy.

What is Naira used for?

Naira is the currency of Nigeria, and it is primarily used as a medium of exchange for goods and services within the country. It is also used as a store of value and a unit of account for financial transactions. The Central Bank of Nigeria is responsible for issuing and regulating the Naira.

Common use cases for Naira include everyday transactions such as buying groceries, paying bills, and conducting business transactions. It is widely accepted and used by individuals, businesses, and government agencies across the country. Naira notes and coins are available in different denominations, ranging from the lower value coins to higher value banknotes.

One specific use case for Naira is remittances. Many Nigerians living and working abroad send money back home to their families. Remittances in Naira contribute significantly to the country's economy, as they provide financial support to families, spur domestic consumption, and contribute to investment and development projects.

The use of Naira for remittances is facilitated through various channels, including banks, money transfer operators, and digital platforms. These platforms enable individuals to convert their foreign currency into Naira, which can then be accessed by the recipients in Nigeria. Remittances play a crucial role in supporting households and communities, improving living standards, and boosting the overall economy.

Overall, Naira is primarily used for day-to-day transactions within Nigeria, with one notable use case being remittances that provide financial support and contribute to the country's economy.

What is DIA's Naira API?

DIA’s Naira API is one of the API endpoints provided by DIA. These API endpoints offer real-time price feeds of various crypto assets, including Naira. DIA constructs these price feeds by sourcing raw data from over 85 cryptocurrency and NFT exchanges, both on-chain and off-chain, aggregating billions of individual trades. This extensive data aggregation sets DIA apart from other web3 data providers.

Regarding the availability of DIA's API endpoints, developers have access to both free and fully customizable options. Free API endpoints are provided for developers to test and can be found on the asset's detail page in the DIA App. These free API endpoints follow a standardized format and are publicly available for informational purposes. They serve as a convenient way for developers to explore and experiment with the data.

However, the emphasis is placed on the customizability of the feeds provided by DIA. Users can request custom API data feeds tailored to their specific needs. Here, DIA caters to individual requirements, allowing customization in terms of sources, methodologies, update mechanisms, and more. This focus on custom feeds ensures that users can obtain data that is most relevant and useful to them.

DIA’s API is versatile in its applications within the blockchain ecosystem. The price information derived from DIA's APIs can be utilized in various ways across different sectors. In the DeFi space, potential applications include derivatives, options and futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, money markets, and more. In the NFTfi sector, use cases range from peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and many others.

In summary, DIA's Naira API and other API endpoints provide real-time price feeds for cryptocurrencies and NFTs. While free API endpoints serve as a starting point for developers to test, the ability to request custom feeds tailored to individual requirements showcases the flexibility and value that DIA offers to its users.

What is DIA's Naira price oracle?

DIA's Naira price oracle is a smart contract that provides real-time price feeds of cryptocurrencies. It is a part of DIA's comprehensive price oracle infrastructure that supports over 85 on-chain and off-chain cryptocurrency and NFT exchanges. What sets DIA apart is its ability to source raw data about individual trades from a vast range of sources, enabling accurate and reliable price feeds.

While DIA offers demo oracles for developers to test, these are only intended for testing purposes and cannot be integrated into production applications. However, DIA also offers the option to build custom price feed oracles. These custom oracles can be tailored according to the user's specific requirements, including sources, methodologies, update mechanisms, and more. To request a custom feed, users can reach out to DIA via Discord or Telegram.

DIA's custom oracles provide greater flexibility and utility for users. These oracles can be used in various ways across the blockchain ecosystem, including applications in DeFi such as derivatives, options and futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, money markets, and more. Additionally, they can also be utilized in NFTfi applications like peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and more.

In the world of blockchain, an oracle is an external information provider that supplies verified data from external sources to smart contracts. Oracles play a crucial role in connecting blockchain-based applications with real-world data, ensuring accuracy and trustworthiness.

Overall, DIA's custom price oracles offer users the ability to tailor their data feeds to specific needs, enhancing the efficiency and effectiveness of their blockchain-based applications.

Why use DIA's NGN API & price oracle?

DIA's NGN API and NGN Price Oracle offer a range of benefits for users in the blockchain ecosystem. One key advantage is the high level of customisation available. Users can tailor each oracle and API endpoint to their specific needs, including selecting the data sources, applying data cleaning filters and pricing methodologies, and determining the update frequency. This ensures that the data and oracle remain robust and resilient to the market conditions, providing accurate and reliable price data for cryptocurrencies and NFTs.

Transparency is another major benefit of using DIA's API and Oracle feeds. Users have full visibility into the entire data journey, enhancing trust and confidence in the information provided. Additionally, DIA offers tracking and monitoring tools to closely observe the oracle and API feeds, further ensuring the reliability and accuracy of the data.

By leveraging DIA's technology, users gain access to a global market as well as specific individual or cross-chain market prices. The customisation options and transparency provided by DIA's NGN API and NGN Price Oracle make it a tailored solution for every user, allowing them to make informed decisions in the blockchain ecosystem.

Overall, by using DIA's NGN API and NGN Price Oracle, users can access accurate, reliable, and customizable price data, ensuring transparency and enabling them to navigate the blockchain landscape effectively.

Why use DIA data feeds and oracles?

DIA provides full insight on the oracle’s data journey as well monitoring tools to track feeds in real-time.
Oracles can be tailored to any use case in terms of data sources, methodologies and update mechanisms and much more.
Broadest coverage
DIA provides price oracles for 3,000+ cryptocurrencies: from blue-chip tokens to long-tail assets.