Exchange Rates Today: USD, GBP, EUR Against the Naira

As of today Monday, 19 May 2025, the Naira continues to face heavy crosswinds in the foreign exchange market, reflecting deep-rooted demand pressures and a widening spread between official and parallel rates today.

While the Central Bank of h (CBN) pushes for stability through interventions and policy reforms, real-world transactions especially in the import-reliant oil and gas sector often hinge on parallel market access. These dual realities expose businesses and consumers alike to price volatility, especially amid elevated fuel and petroleum product costs.

Official CBN Exchange Rates Today – 19 May 2025

The CBN’s official rates, published via the Nigerian Foreign Exchange Market (NFEM), represent volume-weighted averages across authorised dealers and serve as the primary benchmark for institutional trade and bank-level transactions.

• 1 USD = ₦1,601.68
• 1 GBP = ₦2,114.02
• 1 EUR = ₦1,780.81

Compared to rates on 16 May 2025, the Naira posted a slight appreciation against the US dollar, moving from ₦1,601.59 to ₦1,601.68. This change follows recent CBN actions, including a $197.71 million forex injection on 4 April 2025 and renewed efforts to clear backlogs in FX forward contracts.

In the oil sector, the stronger Naira could reduce the landing cost of petrol imports, yet distribution remains sensitive to diesel pricing (AGO), which is still driven by black market USD access.

The black market, or parallel segment, continues to reflect real-time supply-demand dynamics, particularly for non-eligible transactions such as certain oil and gas equipment imports, offshore tuition, or international healthcare.

Based on verified dealer reports from major cities in the country:

• 1 USD = ₦1,610.00
• 1 GBP = ₦2,130.00
• 1 EUR = ₦1,800.00

BDC operators in Wuse Zone 4, Abuja, quoted as high as ₦1,615 for USD and ₦2,140 for GBP, depending on transaction size and mode. These rates remain approximately 0.5–1% higher than official CBN rates, highlighting ongoing access challenges.

Oil and Gas Markets Influence Currency Movement

The Naira’s exchange rate trajectory is closely linked to Nigeria’s oil-export earnings and fuel import demand. Rising global crude prices hovering in and around $60 per barrel (Brent) have increased dollar inflow expectations, supporting the Naira in the official market.

At the same time, high-dollar demand for refined product imports, including petrol, diesel, jet fuel and LPG, places pressure on the parallel segment. Importers who cannot access official windows must source forex at higher black market rates, driving cost-push inflation.

Forex Policy, Market Reforms, and Price Outlook

Under Governor Olayemi Cardoso, the CBN has embraced a market-led exchange regime, repealed restrictions on 43 previously banned import items, and committed to clearing forex backlogs. These actions aim to narrow the gap between the official and parallel market exchange rates.

While the Naira has appreciated from its historic low of ₦1,738.74/$1 (November 2024), market watchers remain cautious. Global trade tensions, fluctuating oil output, and limited dollar inflows could still disrupt currency stability in the months ahead.

Impact on Nigerians and Businesses

For everyday Nigerians, the divergence in exchange rates for the USD, GBP, and EUR directly affects:

• Fuel pump prices
• Electricity tariffs (linked to diesel)
• Tuition for foreign schools
• International travel and medical care
• Imports of machinery and essential goods

Although official Naira strength may reduce fuel import costs, benefits to consumers are not guaranteed unless marketers pass savings down the chain. According to economist Tope Fasua, true relief from inflation currently at 31.7% (Feb 2025) requires discipline across supply networks.

Cautious Optimism, Ongoing Volatility

Today’s exchange rates for the Naira against the USD, GBP, and EUR reflect cautious progress in the official market, but sustained gaps persist in the parallel segment. While the Naira is “fighting back,” as some social media users assert, the outcome will depend on Nigeria’s ability to boost forex inflows, enforce market transparency, and ease import dependence.

For now, both traders and consumers must navigate dual realities—an appreciating official Naira and a demand-driven parallel market. The unification of Nigeria’s forex market remains the long-term solution to curbing volatility and ensuring stability.

Exchange Rate Today Summary – 19 May 2025

Note: Parallel market rates are indicative. Verify with licensed BDCs before making forex transactions.