As Nigerians continue to navigate the ever-changing foreign exchange market, the value of the naira remains a key concern for businesses and individuals alike. Here’s a breakdown of the latest exchange rates as of February 1, 2025, covering both official and parallel market figures.
Official CBN Rates
The Central Bank of Nigeria (CBN) has set the following official exchange rates:
- US Dollar (USD) : ₦1,508.40 per $1
- British Pound Sterling (GBP) :₦1,945.16 per £1
- Euro (EUR) : ₦1,695.00 per €1
These rates apply mainly to official transactions, including bank transfers and Form A applications for foreign exchange.
Parallel Market (Black Market) Rates
For those relying on the parallel market, rates are slightly higher:
- US Dollar (USD) : Buying at ₦1,605, selling at ₦1,615 per $1
- British Pound Sterling (GBP) : Around ₦2,000 per £1
- Euro (EUR) : Approximately ₦1,680 per €1
The parallel market is influenced by supply and demand, often making rates unpredictable. Traders and businesses dealing with imports and international transactions typically refer to these rates when sourcing foreign exchange outside official banking channels.
What This Means for Nigerians
With the naira’s fluctuation, businesses importing goods and Nigerians paying school fees abroad are keeping a close watch on forex trends. The widening gap between official and parallel market rates remains a concern, as it affects inflation, purchasing power, and overall economic stability.
Experts advise individuals and businesses to monitor exchange rate movements closely and consider official banking channels where possible. For the most accurate and up-to-date information, it’s best to check sources like the CBN website (cbn.gov.ng).
With market forces constantly shifting, Nigerians can only hope for more stability in the foreign exchange market in the coming months.