As of Today Tuesday 15th April, the Nigerian Naira’s value, closely tied to the oil and gas sector, reflects global and domestic pressures. the Naira’s exchange rates against the United States Dollar (USD), British Pound (GBP), and Euro (EUR) highlight Nigeria’s efforts to stabilise its currency amidst petroleum-driven forex dynamics.
Official Rates
According to data from the Central Bank of Nigeria (CBN) and FMDQ Securities Exchange:
- USD/NGN: ₦1,530 (buy) / ₦1,535 (sell)
- GBP/NGN: ₦1,975 (buy) / ₦1,985 (sell)
- EUR/NGN: ₦1,695 (buy) / ₦1,705 (sell)
The Naira gained 0.6% against the USD this month, aided by the CBN’s Electronic Foreign Exchange Matching System (EFEMS), launched in December 2024, which curbs speculative trading.
Parallel Market Rates:
- USD/NGN: ₦1,615 (buy) / ₦1,620 (sell)
- GBP/NGN: ₦2,060 (buy) / ₦2,100 (sell)
- EUR/NGN: ₦1,770 (buy) / ₦1,800 (sell)
The narrowing gap with official rates signals confidence, partly due to oil and gas revenue stability.
Tips for Stakeholders
- Check Rates: Use CBN/FMDQ for accuracy.
- Go Official: Banks or regulated BDCs offer better rates.
- Watch Oil: Crude price shifts impact forex and Naira value.
Oil and Gas Impact:
Nigeria’s oil and gas sector, driving 90% of exports, underpins the Naira. With the current dip in global oil prices, it’s impact can be felt in the current even by the Naira and Nigeria’s economy as a whole.