As of today Monday, April 14, 2025, the Nigerian Naira’s exchange rates against major currencies reflect ongoing market dynamics. Below are the official and parallel market rates, based on data from the Central Bank of Nigeria (CBN), FMDQ Exchange, and market sources.
Official Rates (CBN/NAFEM):
- USD to NGN: ₦1,595 (buying), ₦1,615 (selling)
- GBP to NGN: ₦2,030 (buying), ₦2,060 (selling)
- EUR to NGN: ₦1,700 (buying), ₦1,730 (selling)
Parallel Market Rates:
- USD to NGN: ₦1,600 (buying), ₦1,620 (selling)
- GBP to NGN: ₦2,035 (buying), ₦2,065 (selling)
- EUR to NGN: ₦1,705 (buying), ₦1,735 (selling)
Analysis:
The Naira faces pressure from high forex demand, declining oil prices, and inflation. The CBN’s interventions have narrowed the gap between official and parallel rates, but volatility persists. The petroleum sector significantly influences these rates, with Nigeria’s oil export reliance tying forex inflows to global crude prices. Recent oil price drops and production challenges have weakened the Naira, while potential recovery in oil markets could stabilize it.