As at today Thursday, April 3, 2025, here are the latest exchange rates for major currencies against the Nigerian Naira, reflecting both official Central Bank of Nigeria (CBN) rates and parallel market (black market).
Official Rates (CBN)
Based on the most recent CBN:
- US Dollar (USD): ₦1,535.18.
- British Pound (GBP): ₦1,993.47.
- Euro (EUR): ₦1,650.
Parallel Market Rates
Parallel market rates, as reported by currency dealers in major cities like Lagos, Abuja, Port-Harcourt and Kanu show:
- US Dollar (USD): Buying rate at approximately ₦1,545, selling rate at ₦1,560.
- British Pound (GBP): Buying rate around ₦1,980, selling rate at ₦2,005.
- Euro (EUR): Buying rate at about ₦1,630, selling rate at ₦1,660.
Key Insights
The gap between CBN and parallel market rates highlights ongoing market volatility, driven by demand for foreign currency and Nigeria’s economic policies. While CBN rates provide stability, parallel rates reflect real-time market conditions.