Why your exchange quote differs from the official CBN rate

Start with the right benchmark

A published exchange rate is a reference point, not a promise to exchange your money at that price. LagosXchange's dollar headline uses the CBN Nigerian Foreign Exchange Market closing rate. The pound and euro headlines use the CBN central rate. Each figure has its publication date and a description of the measure.

Those measures should not be treated as identical. A closing figure describes one point in a market day, while a central rate is a published middle figure. Check the label before comparing two numbers. A weekend or holiday may leave the latest published rate dated an earlier business day.

Compare the amount that arrives

A provider can include its margin in the exchange rate and charge a separate fee. A seemingly attractive rate can produce a smaller receipt once those charges are included. Ask for a quote for the same sending amount, the same receiving currency and the same payment method.

Record the quote's expiry time. Quotes obtained at different times may reflect a market movement rather than a difference in price. Also check whether the sender pays the fees separately or whether they are deducted from the amount being converted.

• Sending amount and currency
• Receiving amount and currency after all quoted charges
• Transfer fee, exchange margin and possible intermediary charges
• Expected arrival date and the conditions attached to the quote

Use an estimate carefully

Select your own quoted rate in our converter and enter target currency per one unit of the sending currency. Add a percentage fee and any fixed fee in the receiving currency. The calculator shows the gross conversion, entered charges and estimated receipt.

This method is useful for checking a quote, but it cannot predict unknown bank deductions, tax or a later rate change. Confirm the final payout with the provider. LagosXchange does not publish a street rate or recommend a dealer.