Nigerian Naira Currency Converter

Convert between Naira and major currencies — see indicative rates for USD, GBP, and EUR at a glance.

Currency Conversion

Amount

₦

From

Converted Amount

$625.00

Amount (NGN)

₦1,000,000.00

Result (USD)

$625.00

Indicative Rate

1 USD = ₦1,600

Rates are indicative (USD ₦1,600 | GBP ₦2,000 | EUR ₦1,750). Check your bank or CBN.gov.ng for official rates.

How to Use This Calculator

Convert Tab

Enter an amount, select your source currency (From) and target currency (To). The result updates instantly. You can convert NGN to USD, NGN to GBP, NGN to EUR, or any reverse direction.

Rate Table Tab

See a quick reference table showing what common Naira amounts are worth in USD, GBP, and EUR simultaneously. Useful for travel budgeting, import pricing, or salary comparisons.

Indicative Rates Used

Converted Amount = Amount ÷ Exchange Rate (when converting FROM NGN) NGN Equivalent = Amount × Exchange Rate (when converting TO NGN) Indicative rates (2026): USD/NGN: ₦1,600 per $1 GBP/NGN: ₦2,000 per £1 EUR/NGN: ₦1,750 per €1

These are indicative mid-market rates for reference. Actual rates vary by bank, transfer service, and time of day. The CBN official rate and parallel market rates may differ significantly.

Example

Scenario: Sending Money Abroad

Tunde wants to send his son in the UK £2,000 for university fees. At ₦2,000 per pound, how many Naira does he need?

Amount to send£2,000

GBP/NGN rate₦2,000

NGN equivalent = £2,000 × ₦2,000₦4,000,000

Bank transfer fee (~2%)≈ ₦80,000

Total cost≈ ₦4,080,000

Always add your bank's transfer fee and spread on top of the base rate. Different banks and services (Western Union, Wise, Remitly) charge different fees — compare before sending.

Understanding Naira Exchange Rates

Nigeria operates a unified exchange rate system since the 2023 reforms:

CBN Official Rate: The Central Bank of Nigeria sets a reference rate based on the interbank market. Check cbn.gov.ng for the latest official rate.
Bureau de Change (BDC): BDC operators offer slightly different rates. The spread over the official rate varies.
Bank rates: Commercial banks add a markup (typically 0.5–2%) to the interbank rate for retail customers.
Parallel market: Informal street rates are illegal since the unification but may still be quoted informally.
Remittance services: Wise, Remitly, Western Union offer competitive rates for international transfers — often better than bank rates.

FAQ

The official CBN rate fluctuates daily. As of early 2026, the rate is approximately ₦1,550–₦1,650 per dollar. For the most current official rate, check the CBN website at cbn.gov.ng or call your bank. This calculator uses ₦1,600 as an indicative reference rate.

Historically, restrictions on foreign exchange access created a parallel (black) market where the Naira traded at a discount. Since the 2023 reforms unified the rate and liberalised the forex market, the gap has narrowed significantly. Any remaining spread reflects demand-supply imbalances and risk premiums.

For international transfers, compare rates between your commercial bank, fintech apps (Wise, Chipper Cash, Grey), and official remittance services. Wise typically offers rates close to the mid-market rate with low transparent fees. Always check the total cost including fees, not just the exchange rate.

Yes. Nigerian residents can hold Domiciliary Accounts (Dom accounts) in USD, GBP, or EUR at commercial banks. These accounts receive and hold foreign currency without conversion. They are useful for exporters, diaspora remittances, and Nigerians who earn in foreign currency.