As at today Thursday 20th March 2025, the Naira’s exchange rates against the US Dollar (USD), British Pound (GBP), and Euro (EUR) reflect ongoing volatility as of today. Here’s a concise look at official Central Bank of Nigeria (CBN) rates and parallel market estimates.
Official CBN Rates
- USD: Buy ₦1,537.68 | Sell ₦1,538.68
- GBP: Buy ₦1,988.84 | Sell ₦1,990.13
- EUR: Buy ₦1,675.00 | Sell ₦1,676.08
These rates guide formal transactions.
Parallel Market Rates
Parallel market rates, driven by demand and supply, are higher:
- USD: ₦1,600 – ₦1,620
- GBP: ₦2,050 – ₦2,080
- EUR: ₦1,740 – ₦1,760
These figures show a premium over CBN rates, with the USD gap widening from ₦71 on March 12 to around ₦81 today.
Market Insights
The Naira faces pressure from limited dollar inflows and global economic factors, despite CBN stabilization efforts. The parallel market’s higher rates impact costs for businesses and individuals, especially for imports, travel, and education payments.