Lagos, Nigeria – The exchange rate between the US dollar (USD) and the Nigerian naira (NGN) continues to fluctuate as economic conditions shape the forex market. As of Saturday, March 29, 2025, the value of the naira remains a key topic of discussion among traders, businesses, and financial analysts.
Official Exchange Rate
According to the Central Bank of Nigeria (CBN), the official exchange rate stood at ₦1,538.91 per USD as of March 27, 2025. The CBN has been working to stabilize the exchange rate through monetary policies and interventions in the forex market.
The table below shows the recent movement in the official exchange rate:
| Date | Official Exchange Rate (₦/USD) |
|---|---|
| March 25, 2025 | ₦1,530.45 |
| March 26, 2025 | ₦1,535.72 |
| March 27, 2025 | ₦1,538.91 |
Parallel Market Exchange Rate
The parallel market, also known as the black market, often reflects demand pressures that are not captured in the official rate. As of March 27, 2025, the dollar was trading at ₦1,550 per USD in street trading. This rate is slightly higher than the official rate due to increased demand for foreign currency.
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Below is a comparison of official and parallel market rates over recent days:
| Date | Official Rate (₦/USD) | Parallel Market Rate (₦/USD) |
|---|---|---|
| March 25, 2025 | ₦1,530.45 | ₦1,545 |
| March 26, 2025 | ₦1,535.72 | ₦1,548 |
| March 27, 2025 | ₦1,538.91 | ₦1,550 |
Factors Affecting the Exchange Rate
Several factors influence the movement of the naira against the dollar, including:
- Foreign Exchange Reserves – The level of Nigeria’s foreign reserves impacts the CBN’s ability to intervene in the forex market.
- Inflation and Economic Policies – Rising inflation can weaken the naira, while government policies play a role in exchange rate stability.
- Oil Prices – Nigeria’s economy is highly dependent on crude oil exports. Fluctuations in oil prices directly impact forex earnings and the exchange rate.
- Market Speculation – Traders and investors’ expectations can drive demand for foreign currency, affecting exchange rates.
Outlook for the Naira
Financial analysts predict that the naira’s performance in the coming weeks will depend on government policies, forex supply, and global economic trends. The CBN has reiterated its commitment to stabilizing the naira by implementing strategic monetary policies.
What you should know
As of today, the exchange rate remains a significant economic indicator in Nigeria. With the official rate at ₦1,538.91 per USD and the parallel market rate hovering around ₦1,550 per USD, businesses and individuals are closely monitoring forex trends. For the latest updates, it is advisable to check with official financial institutions or authorized forex dealers.
