Currency Education
Reference Rates and Transaction Rates: What's the Difference?
The rate you see published online and the rate you are offered at a bureau de change are rarely the same number. Here is why, and how to use each one sensibly.
Foreign Exchange, With Clarity and Confidence.
See the latest reference rates, understand exactly what they mean, and request an exchange with a team that confirms every detail with you before anything proceeds.
- Every rate shown with its source and date
- No payments or card details taken online
- Ask first, decide once the details are clear
Latest reference rates
Against the Nigerian naira (NGN)
USD / NGN
US Dollar
₦1,345.45
NGN per 1 USD
GBP / NGN
British Pound
₦1,791.37
NGN per 1 GBP
EUR / NGN
Euro
₦1,500.82
NGN per 1 EUR
CAD / NGN
Canadian Dollar
₦959.75
NGN per 1 CAD
Rate date 29 Oct 2026 · Retrieved 29 Oct 2026, 16:55 WAT · Source Frankfurter
Indicative only, not Sofex's buy or sell rate. Confirm the applicable rate and terms with us before proceeding.
Reference rates · 29 Oct 2026
- USD₦1,345.45
- GBP₦1,791.37
- EUR₦1,500.82
- CAD₦959.75
- CNY₦201.90
- AED₦366.36
Exchange rates
Latest exchange rates
Reference rates for the currencies we display, against the naira. Use them to prepare; we confirm the rate that applies to your exchange directly with you.
Daily reference
Reference rate
An indicative daily benchmark from a third-party source. It shows where the market is, and it is not an offer to trade. Current source: Frankfurter (mid-market reference rate, blended from central-bank sources), retrieved 29 Oct 2026, 16:55 WAT.
Sofex rate
The rate Sofex will actually buy or sell at, for your currency, direction and amount. It may differ from the reference rate. Confirm the applicable rate and terms with us before proceeding.
Why it feels different
A Clearer Way to Exchange Currency
Foreign exchange should not feel like guesswork. We built the experience around knowing what you are looking at, and who to ask.
Clear information
Every rate is labelled for what it is. A reference rate is never presented as the rate we will buy or sell at.
Straightforward requests
Tell us the currency, the direction and the amount. That is enough to start, and it commits you to nothing.
Accessible support
Talk to a person. Our phone lines and email are published on every page, so help is never hard to find.
Dated, sourced data
Each rate shows its publication date, when we retrieved it and where it came from, so you can judge it yourself.
How it works
Your Exchange Request, Step by Step
A simple, person-led process. Submitting a request does not commit you to a transaction, and no payment is taken online.
Submit your request
Tell us the currency, whether you are buying or selling, the amount, and how to reach you.
We follow up
A member of the team contacts you to confirm the applicable rate and anything the transaction requires.
Review the details
Check the rate, the total and the requirements. Ask anything. Nothing proceeds until you agree.
Proceed as agreed
Complete the transaction on the terms you have confirmed with us.
Services
Foreign Exchange for Your Needs
Clear, person-led help with buying and selling foreign currency.
Buy Foreign Currency
Request US dollars, British pounds or euros from Sofex. We confirm the applicable rate, the total in naira and what is needed before anything proceeds.
Learn moreSell Foreign Currency
Have US dollars, British pounds or euros to exchange for naira? Tell us what you have and we will confirm the applicable rate and the next steps.
Learn moreRate Confirmation & Guidance
Not ready to commit? Ask us for the applicable rate, or for help understanding a quote, before you decide anything.
Learn more
Why Sofex
Straightforward Service, Clearly Explained
We would rather you understood every part of an exchange than felt rushed into one.
A process you can follow
You know what happens at each step, and nothing moves forward until you have agreed the details.
A real conversation
Requests are followed up by a member of our team, not an automated reply.
A physical office in Lagos
23 Jimoh Odutola Street, Iganmu Industrial Estate, off Eric-Moore, Iganmu, Lagos State, Nigeria
A registered Nigerian company
SOFEX BUREAU DE CHANGE LIMITED, RC 9821378.
Insights
Latest Insights
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Base currency, quote currency, buy and sell: exchange rate quotes use a compact shorthand. A few minutes with the basics will help you check any quote with confidence.
Travel FinancePlanning Currency for a Trip Abroad: A Simple Checklist
A little preparation goes a long way when you need foreign currency for travel. Use this checklist to work out what you need, when to arrange it and what to keep track of.
FAQs
Questions, Answered
Short answers about rates, requests and what happens next.
Are the rates on this website the rates Sofex will give me?
No. The rates shown are reference rates from a third-party source, labelled with their source and date. They are indicative and may differ from Sofex's transaction rates. We confirm the applicable rate with you directly before anything proceeds.
How do I request an exchange?
Use Post an Order and tell us the currency, whether you are buying or selling, and the amount. You can also call or email us using the details on our Contact page. A member of the team will follow up with you.
Does sending a request commit me to a transaction?
No. A request simply asks us to get in touch. Nothing proceeds until you have reviewed and agreed the rate, the total and the details.
What documents will I need?
It depends on the type and size of the transaction and on the regulations that apply at the time. We will tell you exactly what is needed before you proceed.
Can I pay on this website?
No. This website does not take payments and will never ask for your card details, PINs or banking passwords.
How often are the reference rates updated?
Our source publishes reference rates daily. We check it regularly, and every rate on the site shows the date it was published and when we retrieved it. If the source is unavailable we say so rather than show an estimate.
Ready to Discuss Your Currency Needs?
Tell us what you need and a member of the Sofex team will follow up to confirm the rate and the details. Asking commits you to nothing.