As of today11th 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.
In recent months, the Naira has experienced notable volatility. For instance, on 3 February 2025, the Naira strengthened to ₦1,491.37 per USD, marking its lowest rate in the past six months. Conversely, on 27 November 2024, it weakened to ₦1,685.62 per USD, the highest rate in the same period.
Similarly, the Euro to Naira exchange rate reached a low of ₦1,533.95 per EUR on 3 February 2025, while peaking at ₦1,863.70 per EUR on 30 September 2024.
These fluctuations reflect the dynamic nature of the foreign exchange market and highlight the importance for businesses and individuals to stay informed about current rates.