As at today Friday 4th April 2025, the Nigerian Naira’s value against major currencies continues to fluctuate. Here are the latest official Central Bank of Nigeria (CBN) and parallel market rates.
Official CBN Rates
Based on the most recent CBN data:
- US Dollar (USD): ₦1,537.66
- British Pound (GBP): ₦1,989.58
- Euro (EUR): ₦1,658.52
These rates apply to official transactions but differ from parallel market prices.
Parallel Market Rates
As reported by Bureau de Change platforms:
- US Dollar (USD): Buying: ₦1,550, Selling: ₦1,560
- British Pound (GBP): Buying: ₦1,995, Selling: ₦2,020
- Euro (EUR): Buying: ₦1,640, Selling: ₦1,670
The parallel market reflects higher rates due to demand and supply dynamics.
Economic Insights
The gap between CBN and parallel rates highlights Nigeria’s forex challenges, including oil price swings and limited foreign investment. Recent public discussions show public concern over the Naira’s depreciation, though CBN interventions are helping stabilise it.