As of today 22nd February 2025, the exchange rates between the Nigerian Naira (NGN) and major foreign currencies US Dollar (USD), British Pound Sterling (GBP), and Euro (EUR) are as follows:
Official Central Bank of Nigeria (CBN) Rates:
- US Dollar (USD): ₦1,500.73 per $1
- British Pound Sterling (GBP): ₦1,896.62 per £1
- Euro (EUR): ₦1,574.83 per €1
These rates are sourced directly from the Central Bank of Nigeria‘s official exchange rate listings.
Parallel Market (Black Market) Rates:
- US Dollar (USD): Buying at ₦1,500, Selling at ₦1,510 per $1
- British Pound Sterling (GBP): Buying at ₦1,870, Selling at ₦1,890 per £1
- Euro (EUR): Buying at ₦1,550, Selling at ₦1,570 per €1
These figures reflect the rates prevalent in the parallel market as of today. It’s important to note that black market rates can vary due to factors such as demand and supply dynamics, economic conditions, and market speculation.
The disparity between official and parallel market rates underscores the complexities within Nigeria’s foreign exchange landscape. Individuals and businesses engaging in currency exchange are advised to stay informed and exercise caution, considering the potential fluctuations and economic implications associated with these rates.