How we work
Methodology and Sources: how we get the numbers
How every rate is collected, every calculator is worked out and every bank code check is built, and the references behind them.
- Rates are referencesNot dealer quotes and not guaranteed. Shown only with at least two quotes from two websites.
- Calculators show the workingOfficial, dated data, with the formula shown and the arithmetic tested.
- Checkers follow published rulesEach one implements the country's own rule and says when it can only check the format.
- Wrong? We fix itEvery figure shows when it was collected. Report a mistake and we correct or withdraw it.
How We Get the Naira Rates
Four steps, the same on every rate page.
- CollectOur feed reads published quotes from several publicly available Nigerian rate-tracking websites. We do not survey dealers or take dealer submissions.
- CheckA rate is published only when at least two quotes from at least two different websites back it. With fewer, the page shows no figure.
- SummariseThe headline is the average of the quotes. We also show the lowest, the highest and, on currency pages, the median.
- CompareThe average is set beside the official reference rate and our stored daily history.
The formulas
- Average (headline)
- Sum of the quotes ÷ how many there are
- Median
- The middle quote when they are sorted
- Premium over official
- (Parallel average − official reference) ÷ official reference × 100
- 7-day and 30-day change
- Latest daily average against the stored daily average from that many days earlier
An example with made-up numbers. Five quotes of ₦1,380, ₦1,385, ₦1,390, ₦1,390 and ₦1,400 give an average of ₦1,389, a lowest of ₦1,380, a highest of ₦1,400 and a median of ₦1,390. Against an official reference of ₦1,335, the premium is 4.04%. These numbers only show the arithmetic.
The official reference
The official reference comes from Open Exchange Rates, a data provider for interbank rates. We take naira per US dollar and derive other currencies through the dollar. It is an interbank reference, not a Central Bank of Nigeria publication, so it can differ slightly from the Central Bank's own figure for the day.
Timing and unusual quotes
- The time shown is when the data was collected, not when you opened the page. We never call the rates real-time. Refresh loads the latest stored data and does not trigger a new collection.
- If the newest data is more than about half a day old, the page says it may be out of date. If the feed cannot be reached, a page may show a saved copy, labelled with its collection time, or no figure.
- Live rate pages do not remove any quote by rule. They show the lowest, highest, median and number of quotes so you can judge the spread. The rate tracker leaves out a day when its lowest quote is under 80% or its highest is over 125% of that day's average, and says so.
Data coverage right now
Read live from the same feed that powers the rate pages: how many quotes and websites stand behind each currency, and whether that is enough to publish.
| Currency | Quotes | Websites | Status |
|---|---|---|---|
| Loading… | |||
How the Calculators Work
The naira, remittance, salary and value calculators follow the same rules.
- Official, dated data. Long-run figures such as exchange rates, prices and purchasing power come from the World Bank, and each result names the year it uses.
- The working is shown. For example, a transfer's total cost is the fee plus the exchange rate margin, and a price level is the PPP factor divided by the official exchange rate.
- Examples are labelled. A number that is invented to show the arithmetic is called an example, never a rate or an offer.
- The arithmetic is tested. Before a calculator goes live its results are compared with independent high-precision calculations.
- Official and parallel are kept apart. Yearly averages are official rates, and the pages say so. They are not a substitute for the rate you actually get.
How the Bank Code Checkers Work
46 tools across 26 countries and territories.
- Find the ruleWe start from the rule the country or the scheme publishes, such as a check digit formula or a code structure.
- Build it exactlyThe checker implements that rule. Where a country has no public check digit, the tool says so and does not invent one.
- Test itResults are tested against published examples and independent calculations before the page goes live.
- Date the directoryBank lists come from the official directory or register where one is published. Each tool page names the reference and the date it was checked.
A checker can test the format, and where a rule includes one, the check digit. It cannot confirm that an account exists or who owns it.
Sources
The references behind the numbers. Each tool page also names its own reference and the date it was checked.
Bank directories by country (21)
Some publishers, including SWIFT, ISO, the European Payments Council, the World Bank's remittance prices site and the Philippine central bank, refuse automated link checks, but their pages open in a normal browser.
What the Numbers Cannot Tell You
- Not the rate you will get. A bank, bureau or provider sets its own rate from its costs, location, the size of the deal and how you pay, and adds fees.
- Dealers are not verified. We report what published quotes say, not what a dealer will do.
- Buying and selling are derived. Buying is the lowest quote and selling the highest across websites. That is a range across websites, not a measured dealer spread.
- A website can weigh more. One website with several quotes counts for more in a simple average, so we show the median and the website count.
- Buying power is an average. World Bank price levels are national averages of household consumption, and for countries outside the International Comparison Program they are estimates.
Spotted a wrong figure?
Tell me the page, the figure, when you saw it and what you compared it with. I check the quotes and the calculation, then correct the figure or withdraw it. When the method changes, this page and its date change too.
Quick Answers
Is AbokiCalculator's rate an official rate?
No. The parallel market figures are indicative references built from published quotes, and the official reference figures come from Open Exchange Rates, an interbank data provider, not from a Central Bank of Nigeria publication. Neither is a rate you are guaranteed at a bank or bureau de change.
Where does the parallel market data come from?
It is collected automatically from published quotes on publicly available Nigerian rate-tracking websites. We do not survey dealers, take dealer submissions or list individual dealers.
Why do some currencies show no rate?
A rate is published only when at least two quotes from at least two different websites are available for that currency. With fewer, a single figure could be one side of a wide buying and selling pair, so we show no figure.
Why does my bank or bureau de change quote a different rate?
Providers set their own rates from their costs, liquidity, location, the size of the deal and whether you pay in cash or by transfer, and they add fees. Our figures are a reference range, not an offer.
Where do the bank code details come from?
From the rule or directory that the country or the scheme publishes, such as the Central Bank of Nigeria for NUBAN, the SWIFT IBAN registry, the Federal Reserve routing directory and each national clearing body. Each tool page names its reference and the date it was checked.
How do I report a wrong figure?
Write to hello@abokicalculator.com or use the contact form with the page, the figure, when you saw it and what you compared it with. We check the quotes and the calculation, then correct or withdraw the figure if it is wrong.