As at today Wednesday 26th March 2025, the Nigerian Naira’s exchange rates against the US Dollar (USD), British Pound (GBP), and Euro (EUR) reveal a persistent divide between official and parallel markets.
Official CBN Rates:
The Central Bank of Nigeria (CBN) sets these benchmark rates for formal transactions:
- 1 USD = ₦1,520.00
- 1 GBP = ₦1,930.00
- 1 EUR = ₦1,628.00
Parallel Market Rates:
The black market, driven by demand and scarcity, shows higher rates:
- 1 USD = ₦1,560.00
- 1 GBP = ₦2,000.00
- 1 EUR = ₦1,700.00
What It Means:
The gap ₦40-₦72 per currency highlights Nigeria’s forex challenges, with the CBN stabilising official rates while parallel markets reflect real-world pressures. Economist Dr. Amina Yusuf notes, “The parallel market mirrors structural forex shortages.” With inflation easing to 33.4% and GDP growth eyed at 4.17% for 2025, the dual rates underscore Nigeria’s economic tightrope.