Naira exchange rates & converter | Monierate (2024)

What is Buy Price?

The buy price is the rate at which you pay to convert naira to dollars. It represents how much naira you're paying for every dollar obtained. For instance, if you have naira but need USDT to pay a bill, you exchange your naira for USDT, and the provider credits USDT to you at the buy price.

What is Sell Price?

The sell price is the rate at which you pay to convert dollars to naira. It represents how much naira you're getting for every dollar exchanged. For instance, if you have USDT but need naira to pay a bill, you exchange your USDT for naira, and the provider credits naira to you at the sell price.

Why is the buy price usually higher than the sell price?

Exchange providers make money from the difference between the buying and selling prices of the dollar. This is commonly known as arbitrage or trading profit—buying low and selling high. If you have USDT but need naira, they buy the USDT from you at a lower naira price and sell it at a higher naira price to someone else who needs USDT.

How Monierate works

Monierate operates as a platform for comparing dollar prices across various providers in Nigeria.

Here's how it works:

• Comparison Functionality: Monierate gathers and displays the prices of the dollar from multiple providers in Nigeria. You can compare these prices to find the best rates available in the market.

• Exchange Rate Information: You can use Monierate to obtain daily information on the exchange rate of the dollar to naira.

• Order Arrangement: Prices are presented by default from the lowest to the highest, allowing You to easily identify the most cost-effective rates.

• Buy and Sell Options: Monierate facilitates You in acquiring more dollars for naira or vice versa by presenting both buy and sell options.

• Customizable Sorting: You have the flexibility to customize the order of the displayed rates, choosing between low to high or sorting by buy or sell prices.

• Provider Tracking: Monierate actively tracks the 24-hour prices of the dollar across a diverse range of providers, including platforms such as Binance, Luno, Remitano, Yellow Card, Quidax, and Payday.

In essence, we simplifies the process of finding the most favorable dollar exchange rates in Nigeria by providing a user-friendly platform for comparison and real-time rate tracking.