As at today Thursday 13th March 2025, the Nigerian Naira continues to fluctuate against major foreign currencies, with a clear gap between official rates set by the Central Bank of Nigeria (CBN) and the parallel market (black market) rates.
Official CBN Rates
The Central Bank of Nigeria (CBN) released the following exchange rates today:
- 1 USD = ₦1,540
- 1 GBP = ₦1,965
- 1 EUR = ₦1,675
These rates show a slight drop compared to earlier this week, as concerns over forex reserves and unstable oil prices put pressure on the Naira.
Parallel Market (Black Market) Rates
Due to high demand and limited dollar supply, the parallel market offers different rates:
- 1 USD = ₦1,580 (Buy) / ₦1,600 (Sell)
- 1 GBP = ₦1,990 (Buy) / ₦2,020 (Sell)
- 1 EUR = ₦1,660 (Buy) / ₦1,690 (Sell)
The difference between official and black market rates are up to ₦60 per dollar shows the ongoing shortage of foreign currency and speculative trading.
Why Is the Naira Struggling?
Experts say several factors are affecting the Naira, including:
- A $1.16 billion drop in Nigeria’s foreign exchange reserves in January 2025.
- Uncertainty surrounding the Naira-for-Crude swap deal.
- Continued demand for dollars by importers and businesses.
Many Nigerians are expressing frustration over the exchange rate gap, which is making goods and services more expensive. Without major government action, analysts warn that the Naira could weaken further in the coming weeks.