As of today 7th February 2025, the exchange rates between the Nigerian Naira (NGN) and major foreign currencies are as follows:
Official Rates:
- US Dollar (USD): ₦1,546.85 per USD
- British Pound Sterling (GBP): ₦1,877.42 per GBP
- Euro (EUR): ₦1,578.87 per EUR
These official rates are sourced from the Central Bank of Nigeria (CBN).
Parallel Market Rates:
- US Dollar (USD): ₦1,670 per USD
- British Pound Sterling (GBP): ₦2,140 per GBP
- Euro (EUR): ₦1,750 per EUR
The significant disparities between the official and parallel market rates underscore ongoing challenges in Nigeria’s foreign exchange landscape. Factors such as fluctuations in foreign exchange reserves and market demand continue to influence these rates.