As of today February 3rd 2025, the Nigerian Naira (NGN) exhibits the following exchange rates against major currencies:
Official Rates:
- US Dollar (USD): ₦1,491.09 per USD.
- Euro (EUR): ₦1,635.07 per EUR.
- British Pound Sterling (GBP): ₦1,950.00
Parallel Market Rates:
- US Dollar (USD): ₦1,610.00 per USD.
- Euro (EUR): ₦1,640.00 per EUR.
- British Pound Sterling (GBP): ₦1,964.56 per GBP.
The disparity between official and parallel market rates underscores ongoing challenges in Nigeria’s foreign exchange landscape. Factors such as fluctuating oil prices, foreign investment flows, and domestic economic policies significantly influence these rates.
The Central Bank of Nigeria (CBN) continues to implement measures aimed at stabilising the Naira and narrowing the gap between the official and parallel market rates. Market participants are advised to stay informed through official CBN communications and consult authorised dealers when engaging in foreign exchange transaction.
