Nigeria FX calculator — CBN rates, NTA 2025
The FX converter for foreign-currency income and disposals of foreign-currency holdings under the Nigeria Tax Act 2025. CBN rates, naira-terms tax math, updates live as you type.
This conversion
Naira value
Enter the amount you received in foreign currency to see what it is worth in naira at the CBN rate on the date you received it.
NRS will assess your tax on the CBN figure, even if your bank or P2P platform credited a different amount. Numbers update as you type — no submit button.
What this calculator works out
If you earn in dollars, pounds or euros, Nigerian tax is still assessed in naira. That means every foreign payment has to be converted before it can go into a return — and the rate you use, and the date you use it from, both matter. This calculator converts in either direction at the latest CBN-tracked rate and shows the as-of date alongside it.
It also handles the other foreign-currency question: what happens when you hold a foreign-currency asset and it gains value in naira terms. Buy dollars at one rate, dispose of them at a higher one, and the naira difference is a chargeable gain. The FX-gain mode works out that gain from your acquisition and disposal figures.
What it deliberately does not do is quote you a single tax number on that gain. Under NTA 2025 an individual's chargeable gains are taxed through the same progressive bands as the rest of their income, so the tax depends on your total annual income — not on the gain alone. The tool shows a range between the gain-only floor and the 25% top-band ceiling instead of inventing a figure it cannot know.
How to use it
Choose convert or FX gain
Convert answers "what is this payment worth in naira?". FX gain answers "I held foreign currency and it appreciated — what is the chargeable gain?".
Pick the currency and direction
USD, GBP and EUR are supported, in both directions. The hero figure flips meaning when you change direction, so check which way round you are working.
Override the rate for older payments
This is the important one. The calculator loads the current rate, not a historical one. If you are converting a payment received months ago, look up the rate that applied then and enter it — otherwise you will convert at today's rate, which is not the rate that governs that income.
For FX gain, enter both dates and both rates
Acquisition and disposal each need their own rate. The gain is the naira difference between what you paid and what you realised, so both legs have to be right.
A worked example
A remote developer invoices a US client $12,000 across the year, then separately disposes of dollars they had been holding. Rates below are round illustrative figures — use the live rate shown in the calculator above for a real calculation.
| Foreign income received | $12,000 |
|---|---|
| Illustrative rate appliedUse the live CBN-tracked rate for a real figure | ₦1,500 / $1 |
| Income to declare, in naira | ₦18,000,000 |
| Dollars held and later disposed of | $10,000 |
| Cost when acquired$10,000 × ₦1,200 | ₦12,000,000 |
| Proceeds on disposal$10,000 × ₦1,550 | ₦15,500,000 |
| Chargeable FX gain | ₦3,500,000 |
The ₦18,000,000 goes into the return as income. The ₦3,500,000 gain is separate — it arises from holding the currency, not from earning it, and it is chargeable even though no naira ever moved. How much tax the gain attracts depends on the rest of your income for the year, because it is taxed through the progressive bands rather than at a flat rate. Run the personal income tax calculator with the gain included to see the effect.
Rates, sources and dates
What the calculator uses, and the limits worth knowing about.
| Band or item | Rate or figure | Notes |
|---|---|---|
| Currencies supported | USD, GBP, EUR | Converted to and from naira in both directions. |
| Rate source | CBN-tracked | Cached daily with a fallback provider. The as-of date is shown next to the rate. |
| Historical rates | Manual | Only current rates are available automatically. Enter the rate yourself for an older payment. |
| Tax on foreign income | 0% – 25% | Converted to naira, then taxed through the normal NTA 2025 bands. |
| Tax on an FX gain (individual) | Banded | Chargeable gains route through the progressive bands, so the rate depends on your total income — not a flat figure. |
Band source: NTA 2025 (No. 7) Fourth Schedule (bands), §30 (reliefs); NTAA 2025 (No. 5) §§65, 100-105 (penalties). Verified against primary gazette. Last verified against the primary gazette on 2026-05-31 (rule set 2026-v4). Exchange rates are live market data rather than statutory figures, so they carry an as-of date rather than a gazette reference.
Common questions
What exchange rate should I use for Nigerian tax?
The rate that applied when the income arose, not the rate today. The calculator loads the current CBN-tracked rate with its as-of date, and lets you override it — which is what you need for a payment received earlier in the year.
Do I pay tax on income earned in dollars?
Yes, if you are tax-resident in Nigeria. Foreign-earned income is converted to naira and taxed through the same NTA 2025 bands as local income. Earning abroad does not put the income outside the return.
How do I convert foreign income to naira for my tax return?
Multiply the foreign amount by the rate applying when you received it. $12,000 at an illustrative ₦1,500 is ₦18,000,000 of declarable income. Keep a record of the rate and date you used — that is what supports the figure if it is queried.
What is an FX gain and is it taxable?
It is the naira increase in value of a foreign-currency holding between acquisition and disposal. Buying $10,000 at ₦1,200 and disposing at ₦1,550 produces a ₦3,500,000 chargeable gain, even though the dollar amount never changed.
What rate is capital gains tax charged at for individuals?
There is no single rate. Under NTA 2025 an individual's chargeable gains are taxed through the progressive income-tax bands, so the same gain costs different amounts depending on your total income for the year — anywhere from 0% up to 25%.
Does holding a stablecoin count?
The calculator supports it as a foreign-currency-denominated holding, alongside cash and foreign stock. Whether a specific disposal is chargeable depends on the asset and the circumstances, so treat the figure as a starting point rather than a determination.
Is this the same rate my bank gives me?
Usually not. Your bank applies its own rate with a spread. The rate here is the CBN-tracked reference used for tax purposes, which is the one a return should be built on — keep your bank advice as supporting evidence of what you actually received.
Is this calculator free?
Yes, and there is no sign-up. It runs in your browser — nothing you enter is sent anywhere. A TaxJeje account converts foreign income automatically as it arrives and keeps the rate and date on record.