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Canadian Dollar (C$)
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Enter the current Official (CBN) or Parallel Market rate.
Understanding Nigeria's Exchange Rate System
The Nigerian foreign exchange market operates under a unique system characterized by multiple windows. For anyone sending money to Nigeria or planning a business transaction, understanding the difference between the official and parallel market rates is crucial.
Official (NAFEM) vs. Parallel Market
The Official Rate is managed by the Central Bank of Nigeria (CBN) and is typically used for government transactions, large-scale imports, and recognized banking operations. The Parallel Market (often called the Black Market) reflects the street-level supply and demand. Because the Naira's value fluctuates frequently due to oil prices and inflation, this calculator allows you to input the specific rate you've been quoted to get an exact calculation.
How to Use This Calculator
Amount: Enter the value in the foreign currency (e.g., 500 for $500).
Currency: Select your source currency from the dropdown menu.
Rate: Check a reliable source like AbokiFX or the CBN website for the current rate and enter it manually.
Calculate: Instantly see the value in Nigerian Naira (₦).
Practical Example
If you have $1,200 USD and the current parallel market rate is ₦1,550 per $1:
Calculation: 1,200 × 1,550 = ₦1,860,000.
function calculateNairaValue() {
var amount = document.getElementById('currencyAmount').value;
var rate = document.getElementById('exchangeRate').value;
var currency = document.getElementById('currencyType').value;
var resultDiv = document.getElementById('exchangeResult');
var summaryText = document.getElementById('conversionSummary');
var totalText = document.getElementById('nairaTotal');
if (amount === "" || rate === "" || amount <= 0 || rate <= 0) {
alert("Please enter a valid amount and exchange rate.");
return;
}
var conversionAmount = parseFloat(amount);
var conversionRate = parseFloat(rate);
var totalNaira = conversionAmount * conversionRate;
// Formatting the numbers for display
var formattedNaira = new Intl.NumberFormat('en-NG', {
style: 'currency',
currency: 'NGN',
minimumFractionDigits: 2
}).format(totalNaira);
var formattedSource = new Intl.NumberFormat('en-US', {
style: 'decimal',
minimumFractionDigits: 2
}).format(conversionAmount);
summaryText.innerHTML = "Conversion of " + currency + " " + formattedSource + " at the rate of " + conversionRate + " NGN/" + currency;
totalText.innerHTML = formattedNaira;
resultDiv.style.display = 'block';
resultDiv.scrollIntoView({ behavior: 'smooth', block: 'nearest' });
}