SabiCalc
FX · 2026-07-28

Dollar to Naira Converter. Official rate vs black market, side by side.

Amount
$
Official / bank
₦1,364,000
@ ₦1,364/$1 · 28 Jul 2026
Parallel / street
₦1,425,000
@ ₦1,425/$1 · 13 Jul 2026
₦61,000
difference between the two routes on this amount. Spread is 4.5% right now. Selling on the parallel market gets you more naira.
Today's USD rates
officialparallel
$100₦136,400₦142,500
$500₦682,000₦712,500
$1,000₦1,364,000₦1,425,000
$5,000₦6,820,000₦7,125,000
Official rate as of 28 Jul 2026 · parallel reviewed 13 Jul 2026. Edit if today's quote differs.

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 change only after a person reviews them against public sources, and deliberately so: street quotes vary by city and dealer, and this site does not publish live street 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.

Frequently asked questions

What is the dollar to naira exchange rate today?
There are two rates to watch. The official rate (the NFEM rate used by banks) is shown on this page and refreshes every morning from a market reference feed. The parallel or black market rate is higher and moves faster; the figure here is an indicative reference that a person reviews before it changes, not a live street quote. Because both markets move daily and parallel quotes vary by city and dealer, tap update rates and enter the exact figures your bank or dealer is quoting today for an accurate conversion.
Why does Nigeria have two exchange rates?
The official rate is set in the formal banking window, where access is limited and documentation is required for many purposes. The parallel market is where people trade when they cannot access the official window or need cash quickly. Supply and demand differ between the two, so the prices differ. The gap between them is called the spread.
Which rate will my bank actually give me?
Banks transact at or near the official rate, but access depends on your purpose and documentation, for example PTA and BTA travel allowances, school fees or medical payments, each with limits. Card spending abroad is converted at a rate your bank publishes, which can sit between the two markets.
How accurate are the rates in this converter?
The official defaults refresh every morning from a market reference feed that tracks the NFEM rate. Parallel defaults are checked against public sources and reviewed by a person before they change, so they can lag the street. Both markets move daily, so use the update rates button to type in today's figures from your bank or dealer, and the converter recalculates instantly.
Does this tool buy or sell foreign currency?
No. It is a comparison calculator only. It does not set rates, publish live quotes, or facilitate trades. Parallel market quotes vary by city and dealer, so always confirm a live quote before exchanging money.

More SabiCalc tools

Note: Official defaults refresh daily from market reference rates (last 2026-07-28); parallel defaults were last updated 2026-07-13, are reviewed before publishing, and move faster than we update them. Tap "update rates" to enter today's figures. This is a conversion tool for comparison, not a trading platform, and we don't set rates. Official rate access depends on your bank and purpose (PTA, school fees, medical). Parallel market quotes vary by city and dealer.