As at today Friday 2nd May 2025, Exchange rate today for the Nigerian Naira continues to highlight the country’s ongoing currency struggles. Against the US Dollar (USD), British Pound (GBP), and Euro (EUR), the Naira remains under pressure due to fluctuating oil revenues, monetary policy shifts, and persistent foreign exchange demand.
Official Exchange Rates Remain Stable
According to the Central Bank of Nigeria (CBN) and the Nigerian Autonomous Foreign Exchange Market (NAFEM), the exchange rate today is as follows:
- USD/NGN: Buy – ₦1,598.71 | Sell – ₦1,599.71
- GBP/NGN: Buy – ₦2,144.50 | Sell – ₦2,145.85
- EUR/NGN: Buy – ₦1,822.64 | Sell – ₦1,823.82
The official market remains steady as the CBN continues its managed float system. Recent interventions, such as a $197.71 million injection on 4 April, have supported the Naira. However, global tensions, including fresh U.S. tariffs, keep the currency vulnerable.
Black Market Rates Show Wider Disparity
While official rates remain stable, the parallel market paints a different picture. Based on average street-level data, the exchange rate today in the parallel market stands at:
- USD/NGN: Buy – ₦1,605 | Sell – ₦1,610
- GBP/NGN: Buy – ₦2,110 | Sell – ₦2,130
- EUR/NGN: Buy – ₦1,790 | Sell – ₦1,810
These rates show a consistent gap from official benchmarks, driven by high FX demand and limited official access. Compared to early April, both the GBP and EUR have dropped slightly in the black market, suggesting some easing of demand.
Oil Sector Developments Shape Currency Trends
Nigeria’s oil and gas sector continues to influence the exchange rate today. Crude oil sales provide over 80% of foreign exchange inflows, and any change in output or pricing directly impacts the Naira.
- Production Growth: July 2024 saw oil output climb to 1.3 million barrels per day (bpd). Yet this remains below target due to sabotage and infrastructure neglect.
- Price Volatility: Brent crude fell to $80 on 1 May 2025, dragging down Nigeria’s oil revenue.
- Dangote Refinery’s Impact: The massive refinery reduces fuel imports but adds demand for foreign exchange, straining market supply further.
CBN Battles Parallel Market Activity
The CBN continues its push to unify exchange rates and control speculative trading. Nevertheless, the exchange rate today reveals that challenges remain. Delays in FX processing and lack of confidence in official channels drive people to the informal market.
Moreover, the reintroduction of a 4% Free on Board (FOB) levy on exports has met resistance from manufacturers and shippers, raising costs and further burdening the Naira.
Market Outlook: Stability Hinges on Oil and Policy
The ongoing divergence between official and parallel rates highlights structural weaknesses in Nigeria’s forex framework. Most businesses and individuals transact using parallel market prices, fuelling inflation and weakening household purchasing power.
For the exchange rate today to stabilise long-term, Nigeria must boost oil output, tackle crude theft, and attract fresh investment into the sector. Until then, the black market will continue to dominate.
Analysts expect short-term depreciation, with the USD potentially reaching ₦1,650 if oil prices decline. The CBN’s transparency and regular FX interventions will be vital in narrowing the market gap.
Final Thoughts
As of today, the exchange rate today for USD, GBP, and EUR against the Naira highlights Nigeria’s fragile foreign exchange situation. Although oil production improvements offer some hope, both domestic and global pressures persist. For long-term currency stability, Nigeria must reform its FX system and restore public confidence.
