As at today Monday 24th March 2025, the Nigerian Naira continues to fluctuate against major foreign currencies in both official and parallel markets. Below are today’s exchange rates for the US Dollar (USD), British Pound (GBP), and Euro (EUR), based on the Central Bank of Nigeria (CBN) benchmark.
Official CBN Rates
- USD: Buying ₦1,529.62 | Selling ₦1,530.62
- GBP: Buying ₦1,984.09 | Selling ₦1,985.39
- EUR: Buying ₦1,656.73 | Selling ₦1,657.81
Parallel Market Rates
- USD: Buying ₦1,580 | Selling ₦1,585
- GBP: Buying ₦2,015 | Selling ₦2,045
- EUR: Buying ₦1,690 | Selling ₦1,710
What’s Driving the Differences?
The parallel market shows higher exchange rates compared to the official CBN rates. The USD is selling for ₦50–55 more, the GBP for ₦30–60 more, and the EUR for ₦33–52 more. This gap is due to high demand for foreign currency and limited access to official forex sources.
Nigeria’s economy, which depends heavily on oil, plays a big role in these fluctuations. The government continues to take steps to stabilise the Naira, but importers, businesses, and individuals still feel the impact of exchange rate changes.
As economic conditions shift, exchange rates may continue to rise or fall. Stay updated for further changes in the forex market.