As at today Wednesday 23rd of April 2025, the Nigerian naira continues to face ups and downs in the exchange market. Today, there’s still a big difference between the official exchange rates and the black market (parallel market) rates for the US Dollar (USD), British Pound (GBP), and Euro (EUR).
Here’s a quick look at the latest rates and what’s behind the changes.
Official Exchange Rates (CBN Rates)
These are the rates set by the Central Bank of Nigeria (CBN) through the Nigerian Autonomous Foreign Exchange Market (NAFEM). They are used for formal bank transactions, international payments, and government-related deals.
As of April 23, 2025, the official rates are:
- US Dollar (USD): ₦1,567.99 (Down 2.3% from yesterday)
- British Pound (GBP): ₦2,180.53
- Euro (EUR): ₦1,765.61
The naira gained some strength this week after the CBN released $280 million into the market on April 21. This helped bring the naira down from the peak of ₦1,609.40 per dollar recorded on April 15.
Black Market (Parallel Market) Rates
These are the rates people get when exchanging currency outside official channels, such as in streets or via informal traders, especially in Lagos, Abuja, Port-Harcourt and all Urban Areas.
Today’s black market rates are:
- USD/NGN: Buy at ₦1,610 | Sell at ₦1,620
- GBP/NGN: Buy at ₦2,110 | Sell at ₦2,140
- EUR/NGN: Buy at ₦1,800 | Sell at ₦1,820
Rates can vary between city to city.
Why the Rates Differ
The large gap between official and black market rates is caused by several things:
- Limited access to forex through banks
- High demand for dollars and other currencies
- People prefer faster transactions via informal channels
- Global events like US tariffs and a weaker dollar also play a role
Although Nigeria earns foreign exchange from oil sales, Nigeria still struggles with oil theft and pipeline issues, which reduce revenue and add pressure on the naira.
How This Affects You
If you exchange at the official rate, you’ll get a better deal, especially for business and large payments. But many people still rely on black market traders because it’s quicker and more accessible. However, you may pay more, and prices for goods and services could rise due to these higher rates.
What to Expect
The CBN is trying to close the gap between both markets by partnering with the Nigerian Exchange and pushing for more transparency. With oil output expected to rise and Dangote Refinery cutting fuel imports, the naira could strengthen possibly reaching ₦1,500 per dollar by the third quarter of 2025.
But risks like global oil price drops, theft, and underinvestment in gas could slow progress.
