Nigeria’s Naira continues to fluctuate against major currencies, shaped largely by oil prices and foreign exchange supply. Today’s official and parallel market rates reflect these pressures.
Official Market
Also, the Central Bank of Nigeria (CBN) pegs today’s rates via NAFEM:
- USD: ₦1,604.93
- GBP: ₦2,100.00
- EUR: ₦1,760.00
Furthermore, the USD gained 0.655% in a week, showing slight official market movement.
Parallel Market
Moreover, demand-driven street rates remain higher:
- USD: ₦1,595–₦1,620
- GBP: ₦2,060–₦2,140
- EUR: ₦1,770–₦1,850
Additionally, these figures come from notable sources and currency traders.
Oil Sector Link
Also, crude oil influences Naira strength. With oil below Nigeria’s $75/barrel benchmark and output down to 1.5 mbpd, dollar inflows remain low.
Furthermore, the naira-for-crude policy, launched in late 2024, hasn’t eased pressure. Global tensions, including US sanctions, worsen the outlook.
Daily Impact
Moreover, weak FX inflows raise costs $100 now equals ₦160,493 officially or ₦162,000 in the street market.
Additionally, inflation and limited FX access continue to hurt households and businesses.
Summary
Today’s rates show Nigeria’s economic struggles: low oil revenue, unstable supply, and global shocks keep the Naira under pressure.
Also, while policies like naira-for-crude aim to help, FX scarcity remains.
Always verify rates through CBN, or trusted traders.
Note: Exchange rates vary by trader and location.