Africa Exchange Rates - Indicative Interbank

Q: Where do MomoCalc's rates come from?

Rates shown are indicative interbank mid-markets pulled daily from an FX aggregator. They serve as a reference; mobile money operators apply their own 1%-4% spread on top.

Q: Can I send money directly from this page?

No, MomoCalc is an independent calculator: we are not a money transfer operator. But every rate page links to the inbound corridor comparison for the destination country, which shows the competitive options (Sendwave, LemFi, M-Pesa, MTN MoMo, etc.).

Mid-market interbank rates for USD, GBP and EUR against 13 African local currencies. Updated daily. Your operator will apply its own spread on top. · Updated 2026-06-03

Popular pairs

Understanding African Exchange Rates

Official, parallel, and remittance — three different rates

In several African economies, the same currency pair can be quoted at three different levels: the official rate published by the central bank, the parallel rate observed on the informal market, and the effective remittance rate that mobile money or transfer-app users actually receive. Pre-2023 in Nigeria, the gap between official and parallel reached 30%-60%; since the NAFEM unification, that gap has compressed to 1%-3%. Ethiopia's July 2024 reform similarly converged its two windows. The effective remittance rate then layers the operator's commercial margin on top — typically a 1%-4% spread above the interbank mid-market that MomoCalc displays.

The CFA franc system and the fixed EUR peg

Two African monetary unions share a fixed peg to the Euro: the WAEMU (XOF / West African CFA Franc) and the CEMAC (XAF / Central African CFA Franc). Both rates are fixed at exactly 655.957 CFA per 1 EUR since the Euro's launch in 1999, guaranteed operationally by the French Treasury. This peg removes FX risk entirely for EUR remittances landing in WAEMU mobile money wallets (Wave, Orange Money, MTN MoMo, Moov) and CEMAC wallets (MTN MoMo Cameroon, Orange Money). The XOF and XAF are not interchangeable, however: a Senegal-to-Cameroon payment requires an FX conversion at the BCEAO-BEAC interbank rate.

Recent devaluations: Naira, Birr, Cedi

Three major African currencies have undergone significant adjustments in 2023-2025. The Nigerian Naira depreciated more than 70% against the USD between the 2023 NAFEM unification and late 2024. The Ethiopian Birr lost roughly 30% in the days following the July 2024 reform. The Ghanaian Cedi suffered cumulative depreciation tied to sovereign debt restructuring and commodity-price volatility. For diaspora senders to these countries, the timing of transfers now matters far more than before — monthly rather than quarterly transfers reduce exposure to FX risk.

How mobile money operators set their FX margins

A typical operator FX margin breaks down into three components: a hedging cost (the operator must lock the rate ahead of execution and protect against intraday movements), a commercial margin (compensation for the service), and a risk provision (on thinner pairs like USD/SLL or USD/MZN, the provision is wider). That's why liquid pairs (USD/NGN, GBP/KES) show tight 0.5%-2% spreads at competitive mobile-first remitters, while illiquid pairs can exceed 4%. On WAEMU PI-SPI corridors, BCEAO's rail removes the FX layer entirely since every leg is denominated in XOF.

Where MomoCalc rates come from

Rates displayed on these pages come from an interbank FX aggregator and refresh daily. For the CFA-Euro pairs, the stored value is the official fixed parity of 655.957. For local inter-African pairs (for example KES to UGX), the rate is read directly from our internal table when available or computed via the most liquid USD cross. We do not store operator rates; for those, see the destination country's inbound corridor page, which compares the main apps live.

Full majors → locals rate matrix

Local currency	USD	GBP	EUR
🇳🇬NGN · Nigerian Naira	1,371.35	1,833.63	1,585.69
🇬🇭GHS · Ghanaian Cedi	11.77	15.82	13.69
🇰🇪KES · Kenyan Shilling	129.49	174.12	150.68
🇹🇿TZS · Tanzanian Shilling	2,617	3,495	3,022
🇺🇬UGX · Ugandan Shilling	3,751	5,034	4,353
🇿🇲ZMW · Zambian Kwacha	18.26	24.51	21.22
🇷🇼RWF · Rwandan Franc	1,467	1,969	1,703
🇪🇹ETB · Ethiopian Birr	158.02	213.58	185.16
🇸🇱SLL · Sierra Leonean Leone	24,581.09	33,071.82	28,597.36
🇨🇲XAF · Central African CFA Franc	564	761	656
🇸🇳XOF · West African CFA Franc	564	761	656
🇲🇿MZN · Mozambican Metical	63.63	85.86	74.32
🇿🇦ZAR · South African Rand	16.30	21.93	18.96

Click any value to open the dedicated converter for that pair.

FAQ

Where do MomoCalc's rates come from?

MomoCalc pulls indicative interbank mid-market rates from an FX aggregator once per day. They serve as a reference; mobile money operators apply their own 1%-4% commercial spread on top.

Why is the rate I see different from my operator's rate?

Operators (Sendwave, M-Pesa, MTN MoMo, LemFi) add a 1%-4% commercial spread to the mid-market reference to cover their FX hedging cost and margin. The gap is normal and consistent with market practice.

Are the EUR/XOF and EUR/XAF rates really fixed?

Yes. Both rates are fixed at exactly 655.957 CFA per 1 EUR since 1 January 1999, guaranteed by the French Treasury via a convertibility arrangement with BCEAO and BEAC.

How often does MomoCalc update rates?

Once per day for the major pairs (USD/GBP/EUR to African locals). The CFA-Euro pegged pairs are fixed by definition. Local inter-African pairs are computed via USD cross when no direct reference is stored.

Can I send money directly from this page?

No, MomoCalc is an independent calculator and is not a money-transfer operator. Each rate page links to the inbound corridor comparison for the destination country, which shows competitive options side by side.

Rates are indicative interbank reference rates updated daily. Mobile money operators apply a variable spread. Always verify the final rate in your app before confirming a transfer.