As at today Thursday 24th April 2025, The Naira continues to lose value against USD, GBP, EUR in both official and black markets. This is largely due to Nigeria’s ongoing problems in the oil and gas industry, which is the country’s main source of foreign exchange.
Official Exchange Rates (CBN/NAFEM)
These are the rates set by the Central Bank of Nigeria (CBN) and the Nigerian Foreign Exchange Market (NAFEM). They apply mostly to legal business transactions, including oil exports.
- USD to Naira: ₦1,600.00
- GBP to Naira: ₦2,048.00
- EUR to Naira: ₦1,833.81
Even though the CBN pumped $197.71 million into the market on April 4, it hasn’t been enough to fully support the Naira.
Black Market (Parallel Market) Rates
These are unofficial rates often used by oil companies and individuals when the banks cannot provide foreign exchange.
- USD to Naira: ₦1,600.00 (buy), ₦1,620.00 (sell)
- GBP to Naira: ₦2,080.00 (buy), ₦2,140.00 (sell)
- EUR to Naira: ₦1,700.00 (buy), ₦1,760.00 (sell)
Why the Naira Is Struggling
- Low Oil Revenue: Sabotage of pipelines and falling oil prices have cut down how much foreign money Nigeria earns.
- High Demand for Forex: Oil companies still need lots of USD, GBP, and EUR for operations, and the official supply isn’t enough.
- Inflation and Tariff Worries: Rising prices and possible new tariffs from the US are also hurting the Naira.
What This Means
As Naira loses value against Dollar (USD), British Pounds (GBP), Euro (EUR) and other currencies in the forex market, this means oil companies are paying more to import fuel and equipment, which raises local prices for everyone. Nigeria is also not meeting its OPEC target of 1.8 million barrels of oil per day, which adds to the forex problem.
More oil production, peace in the Niger Delta, and working local refineries like the Dangote Refinery could help stabilise the Naira in the long run.