The value of a 500 Play Store gift card in Nigerian Naira can vary depending on several factors. Exchange rates play a significant role. At any given time, the exchange rate between the currency of the region where the gift card is being sold and the Nigerian Naira determines the exact amount.

Typically, you can find these gift cards being sold on various platforms. Some might offer a relatively fair conversion rate, while others could have additional fees or slightly different rates. It's important to research and compare different sources to get the best deal.

Moreover, economic conditions and fluctuations in the currency markets can also impact the value. If the Naira is strengthening or weakening against the currency associated with the Play Store gift card, it will directly affect how much the 500 gift card is worth in Naira. So, to know the precise amount, one needs to check the current exchange rates at the time of purchase or conversion.