As of today February 24, 2025, the exchange rates between the Nigerian Naira (NGN) and major global currencies are as follows:
Official Rates:
- US Dollar (USD): 1 USD = 1,506.93 NGN
- British Pound Sterling (GBP): 1 GBP = 1,945.00 NGN
- Euro (EUR): 1 EUR = 1,650.00 NGN
These official rates are based on data from the International Monetary Fund (IMF) and reflect the Central Bank of Nigeria’s (CBN) rates.
Parallel Market Rates:
- US Dollar (USD): 1 USD = 1,700.00 NGN
- British Pound Sterling (GBP): 1 GBP = 2,150.00 NGN
- Euro (EUR): 1 EUR = 1,850.00 NGN
Please note that parallel market rates are unofficial and can vary significantly due to market demand and supply dynamics.
The disparity between official and parallel market rates highlights ongoing challenges in Nigeria’s foreign exchange market. Factors such as fluctuating oil prices, foreign investment inflows, and economic policies continue to influence the Naira’s value.