What the dollar-to-naira gap costs you
The gap between the official rate and the street rate is not an abstract number. It is the extra naira you pay when you buy dollars on the street instead of at the official rate. This page shows the same hundred dollars priced at both rates, and the naira difference. The official figure is what a bank transaction should settle at; the street figure is what a cash dealer quotes. The street figure is an average of posted quotes, and a real transaction will differ by dealer, city and size.
What a hundred dollars costs at each rate
A hundred dollars and a thousand dollars priced at the official rate, the street sell rate and the street buy rate.
| Rate | $100 in naira | $1,000 in naira |
|---|---|---|
| CBN official (NFEM) | ₦134,794 | ₦1,347,944 |
| Lagos street, dealer sells dollars | ₦139,500 | ₦1,395,000 |
| Lagos street, dealer buys dollars | ₦138,000 | ₦1,380,000 |
Rates of: 02.11.2026
The two prices for a hundred dollars
The table above this text takes a fixed amount of one hundred dollars and prices it at the official rate and at the street sell rate. The official price is the naira equivalent of a hundred dollars at the CBN's volume-weighted NFEM rate for the latest trading day. It is what a bank transfer or card payment for a hundred dollars should cost, before bank charges.
The street price is the naira equivalent of a hundred dollars at the Lagos street sell average from NgnRates.com. It is what a cash dealer would charge you for a hundred dollars in notes, on average across posted quotes. The difference between the two prices is the gap in naira, which is also shown as a per cent of the official price.
What the official price means
The official price is the naira cost of a hundred dollars if you could buy at the CBN's rate. In practice, you cannot buy dollars at the official rate from a bank unless you have a legitimate need and the bank has dollars to sell. Banks add their own margin and charges, so the actual cost from a bank will be higher than the official price, but it is usually much lower than the street price.
The official price is also the rate at which large transactions between banks settle. It is a wholesale rate, not a retail rate. For a small amount like a hundred dollars, the official price is a benchmark, not a quote. The table uses it as the base for comparison.
What the street price means
The street price is the naira cost of a hundred dollars at the average street sell rate posted by users. It is what you would pay if you walked up to a Lagos dealer and bought a hundred dollars in cash, assuming the dealer's quote matches the average. In reality, the dealer may quote a different rate for a hundred dollars than for a larger amount, and the rate may vary by location and payment method.
The street price includes the dealer's margin and the premium for cash dollars. It is not a fixed price; every dealer sets their own. The average shown here is an indication, not a guarantee. Before you buy, ask the dealer for the exact rate for your amount and method.
The naira difference and what it buys
The naira difference between the street price and the official price is the extra amount you pay for the same hundred dollars. It is the cost of not having access to the official market, or of needing cash immediately. That extra naira could buy goods or services, but it goes to the dealer instead.
The gap is larger for larger amounts. If you buy a thousand dollars, the extra naira is ten times the gap for a hundred dollars. The gap also changes day to day, so the cost is not fixed. The table shows today's gap, but tomorrow's may be different.
Why the street figure is an average, not a quote
The street figure is an average of dealer quotes posted by users on NgnRates.com. On many days it is a single quote per side, so it is a thin average. A real transaction will differ by dealer, city and size. A dealer in Abuja may quote a different rate from one in Lagos; a dealer selling a large amount may give a better rate than for a hundred dollars.
Because the average is based on posted quotes, it may not reflect the rate you are offered. Some posted quotes are aspirational, and some are outdated. The average is useful for seeing the level of the street market, but it is not a price you can demand.
How to use the cost comparison
Before you buy dollars, compare the official price and the street price for the amount you need. If you have access to the official market, the official price is your benchmark. If you must use the street, the street price is your likely cost, but get a live quote first. The difference is the premium you pay for cash.
Remember that the official price is for a bank transaction, which may take days and require documentation. The street price is for immediate cash, which is faster but more expensive. The choice depends on your urgency and your access to official channels. This page shows the cost of the gap, not a recommendation.
Key facts about the cost
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Questions about the dollar rate
Why does a hundred dollars cost more on the street?
The street price includes a premium because cash dollars are scarce and dealers face costs and risks. The official market is rationed, and many people cannot get dollars at the official rate, so they pay extra on the street. The premium is the gap between the street sell rate and the official rate.
Is the street price the same everywhere in Nigeria?
No, the street price varies by city and dealer. Lagos quotes are used here because Lagos is the largest market, but dealers in Abuja, Kano or Port Harcourt may quote different rates. The average shown is for Lagos only, and a real transaction will differ.
Can I buy dollars at the official rate?
In theory, if you have a legitimate need and the bank has dollars, you can buy at the bank's selling rate, which is close to the official rate. In practice, many people cannot access official dollars, so they turn to the street. The official price in the table is a benchmark, not a retail quote.
How much extra will I pay on the street?
The extra amount is the gap between the street sell rate and the official rate, multiplied by the amount you buy. The table shows the gap for a hundred dollars. For a different amount, multiply accordingly. The gap changes daily, so check the latest figure before you buy.
Is the street rate reliable?
The street rate on this site is an average of dealer quotes posted by users, often one per side. It is a thin indication, not a survey. A real dealer may quote a different rate. Always get a live quote from the dealer you intend to use.
A contract on the dollar-naira rate, settled without cash exchange
FxPro offers a contract for difference on the dollar-naira pair. You do not buy or sell physical dollars; the contract is settled in your account currency. Opening an account requires identification and takes a day or two, and a practice account costs nothing.