Black Market Currency Converter
Convert between the naira, dollar, pound, euro and Canadian dollar at parallel market reference rates, with the range across quotes and the gap to the official reference.
Rates are unavailable right now. Check your connection and try again. No figures are shown rather than showing wrong ones.
Converter
- Conservative
- — Sell at the low quote, buy at the high
- Favourable
- — Sell at the high quote, buy at the low
- At official reference
- — Open Exchange Rates
- Parallel vs official
- —
Quick conversions
Rates Used Right Now
The reference rates behind the converter, in naira per one unit of each currency.
| Currency | Parallel average | Low – high | Official ref. |
|---|
Currencies with fewer than two quotes from two different websites are not shown, because a single quote can be one side of a wide buying and selling pair.
Rates, History and Comparisons
How to Use the Converter
- Type an amount in the first box. You can use commas.
- Choose the two currencies. "From" is the money you have. "To" is the money you want to know the value of. The swap button flips them.
- Read the result and the range. The big figure uses the average parallel market rate. Below it you see the conservative and favourable results and the same amount at the official reference rate.
Use the quick conversion buttons for common amounts. Your last choice is remembered on your device, so the converter is ready the next time you visit.
How the Result Is Calculated
- Foreign currency to naira: amount × the currency's average rate.
- Naira to foreign currency: amount ÷ the currency's average rate.
- One foreign currency to another: the amount is valued in naira at the first currency's rate, then converted at the second currency's rate.
A worked example with made-up numbers. Suppose the dollar's average rate is ₦1,385, its lowest quote ₦1,375 and its highest ₦1,395. Converting $1,000 to naira gives ₦1,385,000 at the average. The conservative result is ₦1,375,000 and the favourable result is ₦1,395,000. Converting ₦1,385,000 back to dollars at the average gives $1,000, but at the highest quote you would get about $992.83.
Illustrative numbers only.
Which Result Applies to You
If you are handing over foreign currency and want naira, the conservative result is the safer expectation, because dealers buy at the lower end. If you are handing over naira to buy foreign currency, the conservative result is again the safer expectation, because dealers sell at the higher end. Cash versus transfer, transaction size and fees can move the outcome further, so always ask for the exact rate and the final amount.
Converting Between Two Foreign Currencies
Pounds to dollars, euros to Canadian dollars and similar conversions work through the naira, using parallel market rates for both sides. That answers "what are these worth to someone dealing in Nigeria", but it will not exactly match the global rate between the two currencies that a bank or search engine shows. Use it as a sense-check inside the Nigerian market, not as a substitute for the global rate.
How This Differs From a Bank or Search-Engine Converter
Bank and search-engine converters usually show an interbank or official rate. This converter uses parallel market reference rates and shows the official reference beside them, so you can see the gap. The official reference here comes from an interbank data provider and can differ slightly from the Central Bank of Nigeria's own published figure.
Common Mistakes When Converting Currency
- Using one figure as a promise. The result is a reference, not an offer. Look at the range.
- Forgetting fees. Charges reduce what finally arrives, whatever the rate.
- Mixing up direction. Converting naira to dollars and dollars to naira use different sides of the quote range.
- Ignoring the collection time. Prices can move between collections. Check the time at the top of the page.
- Using it for formal purposes. Invoices, tax and accounting need your bank's or the Central Bank of Nigeria's published rate.
Frequently Asked Questions
How does the black market currency converter work?
You enter an amount and choose two currencies. The converter multiplies or divides by the parallel market reference rates we collected for those currencies and shows the result, the range across quotes, and how it compares with the official reference rate.
Which currencies can I convert?
The naira, US dollar, British pound, euro and Canadian dollar are available whenever enough quotes exist. Other currencies appear in the list but are switched off until at least two quotes from two different websites are available for them.
Why does the result show a range?
Quotes differ between websites. The conservative figure assumes you sell at the lowest quote and buy at the highest, and the favourable figure assumes the reverse. The headline result uses the average. Your actual rate will depend on who you deal with.
Can I convert between two foreign currencies, such as pounds to dollars?
Yes. The converter goes through the naira: it values your amount in naira at the first currency's parallel rate, then converts that into the second currency at its parallel rate. The result reflects the Nigerian parallel market and will not exactly match a global cross rate.
Is this the same as a bank or search-engine converter?
No. Bank and search-engine converters usually use interbank or official rates. This tool uses parallel market reference rates and shows the official reference beside them so you can see the gap.
How often are the rates updated?
The page shows the exact time the data was last collected. We do not describe the rates as real-time, because parallel market prices can move between collections. The Refresh button loads the latest stored data.
Can I rely on the result for a payment, invoice or accounting?
No. The result is an indicative reference for planning and sense-checking. Confirm the exact rate and total with your bank or a licensed bureau de change, and use the rate on your invoice or your bank's rate for formal purposes.
