As of today Saturday March 8, 2025, the Nigerian Naira (NGN) continues to experience fluctuations against major global currencies, including the US Dollar (USD), British Pound Sterling (GBP), and the Euro (EUR). Below is an overview of the current official and parallel market exchange rates.
Official Exchange Rates
According to the Central Bank of Nigeria (CBN), the official exchange rates are as follows:
- US Dollar (USD): ₦1,508.40 per $1
- British Pound Sterling (GBP):
- ₦1,870.00 per £1
- ₦1,945.16 per £1
- Euro (EUR): ₦1,570.11 per €1
These rates apply primarily to official transactions, including bank transfers and Form A applications for foreign exchange.
Parallel Market Rates
In the parallel market, exchange rates differ significantly from official figures.
- US Dollar (USD): ₦1,535.00 per $1
- British Pound Sterling (GBP): ₦1,945.16 per £1
- Euro (EUR):
- ₦1,695.00 per €1
These rates are black market rates and it varies from location to location.
Market 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 domestic economic policies continue to influence the Naira’s value. Businesses and individuals are advised to stay informed and consult official sources when engaging in foreign exchange transactions.
Please note that exchange rates are subject to change and can vary based on location and transaction method.