As of today Wednesday 30th April 2025, the Exchange Rates Today show the Naira trading at different levels in the official and black markets:
Official CBN Rates (NAFEM):
- US Dollar (USD): ₦1,601.30 (Buy) / ₦1,602.30 (Sell)
- British Pound (GBP): ₦2,127.17 (Buy) / ₦2,128.50 (Sell)
- Euro (EUR): ₦1,818.76 (Buy) / ₦1,819.90 (Sell)
These rates reflect CBN’s forex interventions and the ongoing battle to manage dollar demand against limited supply.
Parallel (Black Market) Rates:
- USD: ₦1,603.00 (Buy) / ₦1,610.00 (Sell)
- GBP: ₦2,105.00 (Buy) / ₦2,135.00 (Sell)
- EUR: ₦1,795.00 (Buy) / ₦1,825.00 (Sell)
Although the USD gap is narrowing, under ₦10 other currencies remain volatile due to informal market pressures.
How Oil and Gas Influence Exchange Rates Today
The strength of the Naira closely follows Nigeria’s oil and gas performance. Despite notable gains in production and refining, forex inflows remain fragile. Below are key drivers shaping today’s rates:
Oil Output Gains Offer Temporary Relief
Nigeria’s crude oil production rose to 1.8 million barrels per day (bpd) in late 2024, improving from 1.34 million bpd in 2023. Although this growth stabilises the Naira for now, the government still trails its 2.1 million bpd target for 2025.
Crackdowns on oil theft recovered 5,000 bpd in 2024, enhancing forex earnings. However, pipeline sabotage remains a persistent threat.
Global Oil Prices: A Double-Edged Sword
In 2024, Brent crude prices ranged from $74 to $90 per barrel. Nigeria’s 2025 budget is based on $75 per barrel. If global prices drop again, forex reserves will be stretched, forcing further devaluation of the Naira.
Social media posts warn that each $5 drop in crude could destabilise exchange rates, especially with reserves still under $2 billion.
Dangote Refinery Boosts Forex Liquidity
The Dangote Refinery, now operating at 85% capacity, is saving Nigeria billions in petrol import costs. With an output of 650,000 bpd, the facility is exporting refined products to markets in Asia and the US, bringing in fresh USD inflows.
Nigerians online have labelled the refinery a “game-changer” in today’s currency stability.
Gas Sector and Long-Term Diversification
Nigeria’s vast natural gas reserves (209.26 trillion cubic feet) are a growing forex asset. Projects like the Nigeria LNG Train 7 and the Trans-Saharan Gas Pipeline aim to increase gas exports steadily, with a projected CAGR of 5.3% by 2034.
While gas is a long-term strategy, delays in exploration limit its immediate impact on Exchange Rates Today.
Divestment and Local Operators: Mixed Results
Oil majors like Shell and ExxonMobil are exiting onshore assets, handing over to Nigerian firms such as Seplat and Oando. This increases local control and brings in investment capital, yet operational challenges remain.
Security risks and ageing infrastructure limit production capacity, restricting further forex growth.
Policy Reforms vs. Real-World Challenges
The Petroleum Industry Act (PIA) and CBN incentives have drawn interest from investors. However, bureaucracy and insecurity hinder progress.
Inflation, now at 34.6%, makes matters worse by increasing import costs and deepening pressure on exchange rates. Without high forex reserves, the CBN’s interventions are short-lived.
Why Exchange Rates Today Matter to You
- The USD rate’s slight stability suggests stronger oil output and refinery efficiency.
- High GBP and EUR rates reflect Nigeria’s import dependence on Europe and informal market dynamics.
- If oil output lags or prices fall, expect the Naira to weaken further.
Conclusion: Exchange Rates Today Show a Fragile Recovery
Exchange Rates Today reveal the delicate balance Nigeria maintains between oil revenues and currency stability. While the Dangote Refinery and rising oil production provide hope, vulnerabilities remain—especially with limited reserves, global price shifts, and infrastructure setbacks.
For individuals and businesses, staying updated through reliable platforms like cbn.gov.ng is essential. Avoid black-market risks by using licensed forex operators.
To sustain the Naira, Nigeria must secure its oil pipelines, meet production targets, and fast-track gas expansion. Only then can today’s exchange rate improvements turn into long-term gains.
