As at today Wednesday, 2nd April 2025, the Nigerian naira’s exchange rates against the US dollar (USD), British pound (GBP), and euro (EUR) show stark differences between official Central Bank of Nigeria (CBN) rates and parallel market figures.
Official Rates (CBN)
The CBN sets the following rates:
- USD: ₦1,536.62
- GBP: ₦1,980.08
- EUR: ₦1,655.70
These rates, available on cbn.gov.ng, apply to banks and official transactions.
Parallel Market Rates
Parallel market rates, influenced by demand and supply, are higher:
- USD: Buying – ₦1,540; Selling – ₦1,550.
- GBP: Buying – ₦1,990; Selling – ₦2,020.
- EUR: Buying – ₦1,660; Selling – ₦1,690.
These figures reflect street and bureau de change trading.
Key Factors
The gap between rates stems from limited foreign currency supply, CBN policies, and global economic pressures, highlight public reliance on parallel markets due to scarcity.
Implications
Businesses and individuals must monitor both rates for financial planning. The CBN aims to stabilise the naira, but volatility persists.