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Rates updated April 2026

Naira converter

Know exactly what your money is worth in Nigeria. Official CBN rate vs parallel market rate — so you never get ripped off.

£
Official / Wise rate1 GBP = ₦1,950

₦195,000

Best rate via Wise — first transfer free

Parallel market rate1 GBP = ₦2,100

₦210,000

Bureau de Change — higher rate but more risk

Typical bank rate1 GBP ≈ ₦1,853

₦185,250

Your bank adds ~5% hidden markup + £15-35 fees

Save ₦9,750 by using Wise instead of your bank

On a £100.00 transfer, Wise saves you ₦9,750 compared to a typical bank transfer.

Rates are approximate and updated periodically. Official rate based on CBN NAFEM window. Parallel market rate varies by location and volume. Always verify before transacting.

Understanding rates

Official vs parallel market

Official CBN Rate

The Central Bank of Nigeria (CBN) publishes the official rate. This is what banks, Wise, and Revolut use. It's lower than the parallel market but it's safe, legal, and traceable.

  • • Used by: Banks, Wise, Revolut, official transfers
  • • Pros: Safe, legal, traceable, consistent
  • • Cons: Lower rate than parallel market

Parallel Market Rate

The "black market" rate at Bureau de Change (BDC) and street changers. Typically 5-15% higher than CBN rate. Legal in licensed BDCs, but street exchanges carry risk.

  • • Used by: BDCs, street changers, informal transfers
  • • Pros: Better rate, instant cash
  • • Cons: Risk of scams, counterfeit notes, unsafe
Save money

Best ways to convert money for Nigeria

1

Send money ahead via Wise

Transfer GBP/USD/CAD to a Nigerian bank account before you fly. Wise uses the real mid-market rate and charges just £1-3 per transfer. Your first transfer is completely free. Save $58 per $1,000 compared to your bank.

Try Wise — First Transfer Free
2

Use Revolut card for spending

Revolut converts at the real exchange rate with zero foreign transaction fees. Use it at POS terminals in hotels, restaurants, and shops. Keep your main bank card safe at home.

Get Revolut Card
3

Bring small cash backup

Bring $200-500 equivalent in clean, undamaged notes as emergency backup. Don't exchange at the airport (worst rates). If you must change cash in Nigeria, use a licensed Bureau de Change, never street changers.

Common questions

Naira exchange FAQ

Frequently Asked Questions

What is the current exchange rate for Nigerian Naira?+
The Naira exchange rate fluctuates daily. As of early 2026, the official CBN rate is around ₦1,500-1,600 per USD, while the parallel (black) market rate is typically 5-15% higher. Always check the latest rate before converting.
Should I use the official or parallel market rate?+
If you're using Wise, Revolut, or a bank transfer, you'll get a rate close to the official CBN rate. The parallel market (Bureau de Change, street changers) typically offers a higher rate but comes with risk — counterfeit notes, being shortchanged, or scams.
What's the best way to convert money for Nigeria travel?+
Use Wise for the best exchange rate and lowest fees when sending money ahead. For spending in Nigeria, use a Revolut card which converts at the real rate. Avoid airport exchanges and hotel conversions — they have the worst rates.
Should I bring cash or use cards in Nigeria?+
Bring a mix. Many places in Lagos accept card payments (POS terminals), but cash is still king for markets, small shops, and tips. Bring a small amount of dollars/pounds as emergency backup, and use your travel card for hotel and restaurant payments.
Can I use my regular bank card in Nigeria?+
You can, but don't. Regular bank cards charge 2-3% foreign transaction fees and use poor exchange rates. Use a dedicated travel card like Revolut or Wise instead — you'll save 3-5% on every transaction.
How much cash should I bring to Nigeria?+
For a 2-week trip, bring the equivalent of $200-500 in cash as backup. Send the rest via Wise beforehand or use your travel card. Don't carry large amounts — it's a safety risk. Budget ₦50,000-100,000/day for a mid-range Lagos trip.

Exchange rates are approximate and updated periodically. Always verify the latest rate before making transfers. This page contains affiliate links. Full disclosure