As of today Friday 28th March 2025, the Nigerian Naira continues to fluctuate against the US Dollar (USD), British Pound (GBP), and Euro (EUR). There is a clear difference between the official exchange rates set by the Central Bank of Nigeria (CBN) and the rates in the parallel market. Here’s a breakdown of the latest figures.
Official CBN Rates
- 1 USD = ₦1,500.80.
- 1 GBP = ₦1,908.50.
- 1 EUR = ₦1,595.41.
These rates are set by the CBN and used for official transactions under a controlled exchange system.
Parallel Market Rates
- 1 USD = ₦1,725.00 (Sell) / ₦1,715.00 (Buy) – 14.9% higher than the official rate.
- 1 GBP = ₦2,260.00 (Sell) / ₦2,235.00 (Buy) – About 18.4% more than the CBN rate.
- 1 EUR = ₦1,850.00 (Sell) / ₦1,825.00 (Buy) – 15.9% above official figures.
These rates come from Bureau De Change (BDC) operators and online sources. They reflect the real demand for foreign currency, which is often higher than what is available through official channels.
Why It Matters
The difference between the official and parallel market rates shows Nigeria’s ongoing struggle with foreign currency supply. Limited access to dollars, inflation, and economic policies all play a role. While the CBN is working to keep the exchange rate stable, businesses and individuals still rely on the parallel market for their forex needs.
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