Why Use These FX Tools?
Real-Time Rates
AfroRates pulls live central bank official rates and parallel market rates for all 54 African currencies. Know the real rate before you transact — not yesterday's closing price.
54 African Currencies
Every African currency covered — from NGN to XOF, XAF, KES, ZAR, GHS, EGP, ETB, TZS. Including CFA franc zones often missed by global converters.
Compare & Save
Bank charges comparator shows which bank, remittance service, or mobile money platform gives you the best deal on international transfers — often a 3–8% difference.
Frequently Asked Questions
What is the difference between the official and parallel market rate in Nigeria?
The official rate (NFEM rate published by CBN) is the rate at which the Central Bank of Nigeria clears inter-bank FX transactions. The parallel market (black market) rate is what bureaux de change and street traders quote. Following the CBN's 2023 float, the gap has narrowed but the parallel rate still typically trades 5–15% above the official rate. Our AfroRates tool tracks both in real time.
How do I find the cheapest way to send money to Africa?
The total cost of a remittance includes the transfer fee plus the FX spread (the gap between the mid-market rate and the rate you receive). Some services charge zero fees but take 3–5% in FX spread. Our bank charges comparator calculates the all-in cost across major providers — Western Union, WorldRemit, Lemfi, Grey, and others — for your specific corridor.
What is the central bank rate and why does it matter?
The central bank policy rate (e.g., CBN MPR, SARB repo rate, CBK base rate) is the benchmark interest rate that determines borrowing costs across the economy. When it rises, mortgage rates, business loans, and savings account interest all tend to move up. Our interest rate reference tool tracks all 54 African central bank rates with historical charts.
How do I calculate forex trading profit?
Forex profit = (Sell price − Buy price) × Position size. For currency pairs involving African currencies, you also need to account for the swap/rollover cost for overnight positions and the broker spread. Our forex profit calculator handles all of these, including converting back to your base currency.
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