As of today Wednesday 26th February 2025, the Central Bank of Nigeria (CBN) has set the official exchange rates for the Naira as follows:
- US Dollar (USD): ₦1,501.50 per $1
- British Pound Sterling (GBP): ₦1,920.00 per £1
- Euro (EUR): ₦1,550.00 per €1
In the parallel market, the Naira has appreciated, with rates reported at:
- US Dollar (USD): ₦1,500 per $1
- British Pound Sterling (GBP): ₦1,950 per £1
- Euro (EUR): ₦1,590 per €1
This appreciation in the parallel market has narrowed the gap between official and unofficial exchange rates, reflecting increased confidence in the Naira. The CBN‘s recent reforms, including unifying exchange rate windows and clearing a backlog of foreign exchange commitments, have contributed to this positive trend.
Analysts suggest that sustained implementation of these policies could further stabilise the Naira and enhance economic growth. However, they also caution that external factors, such as global oil prices and geopolitical tensions, may influence future exchange rate movements.