As at today 1st April 2025, the naira’s exchange rates against the US dollar (USD), British pound (GBP), and euro (EUR) continue to reflect both official Central Bank of Nigeria (CBN) figures and parallel market dynamics as of April 2025.
Official CBN Rates:
- USD to Naira: 1 USD = ₦1,536.62
- GBP to Naira: 1 GBP = ₦1,980.08
- EUR to Naira: 1 EUR = ₦1,655.70
These rates are used for formal transactions and show the CBN’s efforts to stabilise the naira amid economic pressures.
Parallel Market Rates:
In the parallel market, rates typically exceed CBN figures due to higher demand and limited supply:
- USD to Naira: ₦1,540–₦1,610
- GBP to Naira: ₦1,980–₦2,070
- EUR to Naira: ₦1,640–₦1,728
These rates, sourced reflect real-time market conditions but can fluctuate daily.
Key Factors:
The disparity between official and parallel rates is driven by Nigeria’s reliance on oil, foreign exchange reserve challenges, and public demand for foreign currencies. Recent reports indicate ongoing efforts by the CBN to narrow this gap, but volatility persists.
Implications:
Businesses and consumers should monitor both rates, as official rates apply to bank transactions, while parallel rates cater to retail needs.