As at today Monday 31th March 2025, the Nigerian naira’s value against the US dollar (USD), British pound (GBP), and euro (EUR) reflects ongoing efforts to stabilise its exchange rate. Both official Central Bank of Nigeria (CBN) rates and parallel market rates provide insight into market dynamics.
Official CBN Rates
As of today, the CBN sets the following official rates:
- USD to NGN: ₦1,494.00
- GBP to NGN: ₦1,896.62
- EUR to NGN: ₦1,569.16
These rates aim to enhance transparency and liquidity through reforms like the Electronic Foreign Exchange Matching System (EFEMS).
Parallel Market Rates
The parallel market, influenced by supply and demand, shows slightly higher rates:
- USD to NGN: Buying: ₦1,560– Selling: ₦1,570
- GBP to NGN: Buying: ₦2,000– Selling: ₦2,030
- EUR to NGN: Buying: ₦1,670– Selling: ₦1,690
These rates, may vary by location and demand.
Economic Context
CBN Governor Olayemi Cardoso highlighted recent reforms, including increased forex supply, to narrow the gap between official and parallel rates. However, external factors like oil prices and investor confidence continue to impact the naira.
As of 31 March 2025, the naira’s official rates are lower than parallel market rates, reflecting market challenges. Staying updated is essential for financial planning in Nigeria.