What Is the NGN to INR Rate Today?

Stripe gives the highest INR on NGN 6,700,000 today among the platforms with full published pricing for NGN. The table ranks those platforms by INR received, then lists other platforms that accept NGN, which are never ranked. Fees were checked on 30 Sept 2026.

Nigerian clients buy foreign currency through their bank in the Nigerian Foreign Exchange Market, where deposit money banks process eligible transactions. Payments to India usually arrive in US dollars by SWIFT, and your AD bank converts them to INR. Indian banks seldom receive naira directly, so check accepted currencies before invoicing.

A rate history is not shown for NGN because the European Central Bank does not publish a NGN reference rate, and this page does not mix sources in one chart. The Nigerian naira trades in the Nigerian Foreign Exchange Market (NFEM). The Central Bank of Nigeria (CBN) adopted a willing buyer, willing seller model in 2023, unifying the previously separate market segments. The CBN describes the naira's interbank value as largely driven by demand and supply, a managed floating approach it introduced in 2016.

Each row applies the platform's published fee, FX markup and 18% GST on the fee to the mid-market rate of ₹0.07050 for 4 Nov 2026.

Indian banks rarely quote the naira against the rupee. Most Nigerian payments reach India in US dollars, so your rupee amount depends on the USD/INR rate your AD bank pays. The naira to dollar conversion happens in Nigeria at the payer's bank, with its own spread and timing.

Say a bank converts NGN 6,700,000 at a TT buying rate 1.5% below the mid-market rate of ₹0.07050. It credits about ₹4,65,265 instead of ₹4,72,350, a difference of ₹7,085 before any fees. The 1.5% is an illustration, not a quote from any bank.

Search engines show the mid-market rate, the midpoint between buying and selling prices. A card rate is a bank's own rate for card transactions, and a TT buying rate is the rate a bank pays when it buys foreign currency received by wire. Both sit below the mid-market rate.

The Nigerian naira trades in the Nigerian Foreign Exchange Market (NFEM). The Central Bank of Nigeria (CBN) adopted a willing buyer, willing seller model in 2023, unifying the previously separate market segments. The CBN describes the naira's interbank value as largely driven by demand and supply, a managed floating approach it introduced in 2016.

• Interest rates: The CBN's Monetary Policy Committee sets the Monetary Policy Rate (MPR). At its September 21-22, 2026 meeting, the Committee reset the MPR at 23 per cent.
• Oil prices: Crude oil is Nigeria's main export and a large source of its dollar earnings. Oil prices and output levels change dollar supply in the NFEM.
• FX liquidity: The amount of dollars available in the NFEM affects the naira rate. Shortages of dollar supply tend to weaken the naira.
• Inflation: High Nigerian inflation reduces the naira's purchasing power. Inflation data also shape expectations for CBN rate decisions.
• US dollar: Because NGN to INR is a cross rate, any USD/INR move passes into the rupee value of the naira. A stronger rupee against the dollar lowers your INR proceeds.

For NGN, timing choices apply mainly to the US dollars your Nigerian client sends. NGN/INR forwards are generally not available in India, so exporters hedge the USD/INR leg if they hedge at all. Spot conversion on arrival is the common approach. EEFC accounts are typically held in dollars rather than naira.

• Spot: A spot conversion uses the USD/INR rate your AD bank quotes on the day the dollars are converted. The naira rate matters only to your Nigerian client.
• Forward: RBI's Master Direction on Risk Management and Inter-Bank Dealings lets AD banks offer forward contracts to hedge a contracted or anticipated exposure. The contract's amount and tenor cannot exceed those of the exposure. For Nigerian clients who pay in US dollars, a USD/INR forward can cover the exposure.
• Limit order: Some AD banks accept a USD/INR target rate and convert when the market reaches it. Ask your bank whether it offers this for incoming payments.
• EEFC holding: You can credit up to 100% of export earnings to an EEFC account and convert later. RBI requires each month's accruals to be converted to rupees by the last day of the following month, after approved uses or forward commitments. For Nigerian receipts, the account would normally be held in US dollars.

• Invoice currency: Invoicing Nigerian clients in US dollars keeps the naira conversion in Nigeria and leaves you one USD/INR conversion in India.
• Payment timing: Your client's bank sources dollars in the NFEM. Agreeing payment dates early gives the client time to arrange foreign currency.
• Mid-market check: Compare the USD/INR rate you receive with the mid-market rate on the same day. The difference is your bank's spread.
• Payer charges: Ask your client to confirm who pays SWIFT and correspondent charges. Fees deducted in transit reduce the amount that reaches India.
• Bank quote: Ask your AD bank for its card rate and its negotiated rate. Larger amounts often qualify for a narrower spread.

Compare platforms side by side on the compare page, or check every currency on the currency convertor.

• Feed: XE live mid-market rates, published live; this site refreshes it every 15 minutes. The page refreshes at most hourly.
• Markup: Markup is the gap between a platform's rate and the mid-market rate, taken from each platform's own published pricing. GST of 18% applies to fees where the platform says so.
• Stale data: If the feed fails, the page shows no rate and pauses the calculator rather than showing an old rate as current.
• Method: The full formula is on the methodology page.

Rates come from XE live mid-market rates, dated 4 Nov 2026. Platform pricing was checked on each platform's own pages on 30 Sept 2026 or later. Currency facts are linked to official sources below.

1. XE live mid-market rates (checked 4 Nov 2026)
2. Central Bank of Nigeria: Foreign Exchange Market, In 2016, the Bank introduced the managed floating system; the value of the naira in the inter-bank FX market is largely driven by the forces of demand and supply. The CBN adopted a 'willing buyer, willing seller' model for trade transactions, unifying the foreign exchange market in 2023; segments collapsed into the I&E window, now renamed Nigerian Foreign Exchange Market (NFEM); eligible transactions are processed by the Deposit Money Banks. (checked 8 Oct 2026)
3. Central Bank of Nigeria: Monetary Policy Decisions, 307th MPC meeting, September 21-22, 2026: Reset the Monetary Policy Rate at 23 per cent; recalibrate the Standing Facilities Corridor to +50/-300 basis points around the MPR. (checked 8 Oct 2026)
4. RBI Master Direction - Risk Management and Inter-Bank Dealings (updated as on October 01, 2026), Para 2.3(ii): Authorised Dealers may offer deliverable foreign exchange derivative contracts involving INR to users for the purpose of hedging. Para 2.4(i)(b): the notional amount and tenor of the derivative contract does not exceed the value and tenor of the exposure. Para 2.4(i) proviso: users may take positions up to USD 100 million equivalent of notional value, across all Authorised Dealers, for hedging contracted exposure without the requirement to establish the existence of underlying exposure, but must ensure a valid underlying contracted exposure exists. Para 2.4(ii): users may freely cancel and rebook derivative contracts. (checked 8 Oct 2026)
5. RBI Master Direction - Deposits and Accounts (updated as on September 02, 2026), para 3.1 EEFC Account, Para 3.1: credits permitted include 100 percent of foreign exchange earnings by way of inward remittance; (4) the account will be in the form of a non-interest bearing account; (6) the sum total of the accruals in the account during a calendar month should be converted into Rupees on or before the last day of the succeeding calendar month after adjusting for utilization of the balances for approved purposes or forward commitments. (checked 8 Oct 2026)