What Is the Bid-Ask Spread in FX Explained
16 October 2026 - Naira BriefingIn foreign exchange, the bid is the price at which a dealer buys a currency and the ask is the price at which they sell — and the gap between them, the spread, is a real cost you pay on every conversion, on top of any fee.
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How the spread works
- Bid — what a dealer pays you for your dollars.
- Ask — what a dealer charges you to buy dollars.
- The spread — the difference, kept by the dealer as margin.
Why it matters when you convert
A “no-fee” service can still be expensive if its spread is wide — which is why you compare the naira you actually receive, not the advertised rate. This is the same lesson as how to read an FX quote and how banks price FX. Our USD rate shows a live reference to measure any spread against.
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