Lagos, Nigeria – The Nigerian Naira continues to feel the weight of market pressures as it trades against the U.S. Dollar on Monday, April 14, 2025, across both official and parallel market segments.
CBN Exchange Rate Remains Below Parallel Market Value
The Central Bank of Nigeria (CBN) has maintained its official exchange rate at ₦1,591.84 per $1, a figure significantly lower than what is observed in the black market.
In contrast, the mid-market rate, often considered a fairer reflection of demand and supply, stands at approximately ₦1,606 per $1, according to currency data from international platforms like Wise.
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Black Market Rates Surge Further
In the parallel market—commonly referred to as the black market—the Naira is trading at a much higher value, showcasing the gap between the official and unofficial markets. As of today:
- Buying Rate: ₦1,610 per $1
- Selling Rate: ₦1,620 per $1
Traders in Lagos and Abuja report high demand for foreign exchange, especially from importers and business owners, which continues to drive the black market rates above the official benchmarks.
Naira’s Struggles Reflect Broader Economic Challenges
The widening disparity between the official CBN rate and the black market rate signals ongoing economic uncertainty. Key factors contributing to the Naira’s instability include:
- Persistent inflation
- Reduced foreign exchange reserves
- Volatility in global oil prices
- Limited dollar supply through official channels
Economic analysts argue that until Nigeria addresses structural inefficiencies in its FX policies and strengthens investor confidence, the Naira may continue to weaken.
Exchange Rate Summary – April 14, 2025
| Market Type | Exchange Rate (₦/USD) |
|---|---|
| CBN Official Rate | ₦1,591.84 |
| Mid-Market Rate | ₦1,606 |
| Black Market Buy | ₦1,610 |
| Black Market Sell | ₦1,620 |
Outlook for the Week
Market observers expect the Naira to remain volatile throughout the week, with pressure likely to persist unless there is significant intervention from the CBN or a rise in oil revenues.
For citizens and businesses, experts recommend monitoring official updates from the Central Bank of Nigeria and avoiding speculative currency purchases that could further destabilize the market.
