As of today 8th April 2025, the Nigerian Naira’s exchange rates against the US Dollar (USD), British Pound (GBP), and Euro (EUR) show distinct differences between official Central Bank of Nigeria (CBN) rates and parallel market rates.
Based on the latest CBN data, the official rates are:
- US Dollar (USD): ₦1,566.02
- British Pound (GBP): ₦2,029.72
- Euro (EUR): ₦1,724.19
These rates reflect the CBN’s efforts to stabilise the Naira through market interventions.
Parallel Market Rates
The parallel market shows slightly different rates due to high demand and limited supply. As of 7 April 2025, the black market averages are:
- US Dollar (USD):
- Buying Rate: ₦1,560
- Selling Rate: ₦1,565
- British Pound (GBP):
- Buying Rate: ₦2,015
- Selling Rate: ₦2,040
- Euro (EUR):
- Buying Rate: ₦1,675
- Selling Rate: ₦1,690
These rates indicate a slight depreciation in the parallel market, driven by factors like dollar shortages and global economic pressures, including U.S. tariff polici
Key Factors and Outlook
The gap between CBN and parallel rates highlights ongoing challenges, including oil price volatility and forex liquidity issues.