The Nigerian Naira traded at different rates today across the official and parallel markets, reflecting ongoing pressure from global oil and economic trends.
Official Market Rates (CBN)
Set by the Central Bank of Nigeria (CBN) through NAFEM:
- USD: ₦1,604.08
- GBP: ₦2,230.54
- EUR: ₦1,985.36
These rates follow the CBN’s recent $197.71 million forex injection to stabilise the currency.
Parallel Market Rates
Rates from street traders in urban centre within Lagos, Abuja, Port-Harcourt and Kanu:
- USD: ₦1,595 (buy) / ₦1,610 (sell)
- GBP: ₦2,080 (buy) / ₦2,140 (sell)
- EUR: ₦1,710 (buy) / ₦1,770 (sell)
Market Insight
- The narrow USD gap (₦5.92) signals improved supply.
- Wider gaps for GBP and EUR reflect low availability and higher demand.
Why It Matters
A stronger Naira helps cut fuel import costs. But forex gaps raise challenges, especially for small oil traders relying on the parallel market.