As of today, 25th February 2025, the Naira has exhibited notable fluctuations against major global currencies, including the US Dollar (USD), British Pound Sterling (GBP), and Euro (EUR). These variations are observed in both the official Central Bank of Nigeria (CBN) rates and the parallel market.
Official Exchange Rates
As of 25 February 2025, the official exchange rates reported by the Central Bank of Nigeria are:
- USD/NGN: ₦1,501.03 per $1
- GBP/NGN: ₦1,896.62 per £1
- EUR/NGN: ₦1,569.16 per €1
These rates have remained stable compared to the previous trading day.
Parallel Market Rates
In the parallel market, the Naira has experienced significant appreciation. As of 25 February 2025, the exchange rates are:
- USD/NGN: ₦1,500 per $1
- GBP/NGN: ₦1,905 per £1
- EUR/NGN: ₦1,575 per €1
These rates reflect a ₦10 gain against the USD compared to the previous trading session.
Market Dynamics
The recent appreciation of the Naira in the parallel market is attributed to an increased supply of foreign currency, despite sustained high demand. Currency traders have observed easier access to foreign currency through banks and Bureau de Change outlets, contributing to the Naira’s strengthened position.
The Nigerian Naira‘s exchange rates against major currencies have shown dynamic shifts, with notable appreciation in the parallel market. Stakeholders and individuals engaged in foreign exchange transactions are advised to stay informed through reliable and up-to-date sources to navigate the evolving currency landscape effectively.