Official rate or street rate. See both, decide.

How this converter works

Nigeria effectively runs two prices for foreign currency. The official rate is what the formal banking system uses; the parallel rate is what cash changes hands at on the street. Most converters show you one or the other. This one shows both at once, in both directions, so you can see what the same amount is worth through each route and what the spread costs you.

If you hold dollars, pounds, euros or Canadian dollars and want naira, the parallel market usually pays more per unit. If you hold naira and need foreign currency, the official window is cheaper when you can access it, which depends on your bank, your documentation and your purpose. The spread figure between the two quotes is the premium the street is charging for instant, unrestricted access.

The official defaults refresh automatically each morning from a market reference feed, which tracks the NFEM rate closely now that the naira floats. Parallel defaults are set by hand and deliberately so: street quotes vary by city and dealer, and this site does not publish or set rates. Tap update rates and enter the figures your bank or dealer is actually quoting today, and every number on the page recalculates. It is a calculator, not a trading venue.