In what appears to be a week of mild gains for the Nigerian Naira, the local currency showed signs of recovery against major foreign currencies at both the official and parallel (black) markets. As of Saturday, May 24, 2025, the Central Bank of Nigeria (CBN) and black market rates reflect notable movements in the exchange value of the Naira.
Official Market Rates (CBN) – May 24, 2025
According to data from the official Nigerian Foreign Exchange Market:
- Dollar to Naira (USD/NGN): ₦1,579/$1
The Naira appreciated against the US Dollar, moving from ₦1,586/$1 earlier in the week to ₦1,579/$1 by Friday, May 23. - Euro to Naira (EUR/NGN): ₦1,799/€1
The Euro maintained a stable exchange rate of ₦1,799/€1 during the week under review. - Pound Sterling to Naira (GBP/NGN): ₦2,139.97/£1
The British Pound closed at ₦2,139.97/£1, as recorded on May 20.
Also Read : Dollar to Naira Exchange Rate Today, Wednesday, May 21, 2025
Parallel Market (Black Market) Rates – May 24, 2025
In the parallel foreign exchange market, which often reflects real-time demand and supply dynamics:
- Dollar to Naira (USD/NGN): ₦1,650/$1
This rate remained relatively steady compared to earlier in the week. - Euro to Naira (EUR/NGN): ₦1,800–₦1,850/€1
The Euro traded within this range, depending on location and volume of transactions. - Pound Sterling to Naira (GBP/NGN): ₦2,150–₦2,200/£1
The Pound Sterling also showed some consistency in its black market rate, reflecting a tight trading range.
Exchange Rate Trends: Weekly Summary (May 19–24, 2025)
Official Market Recap:
- The Naira showed appreciation against the Dollar, gaining ₦7 by the end of the trading week.
- The Euro and Pound Sterling held steady at ₦1,799 and ₦2,139.97 respectively, indicating market stability at the CBN-controlled window.
Parallel Market Recap:
- The Dollar fluctuated slightly, trading between ₦1,645 and ₦1,650.
- The Euro stayed between ₦1,800 and ₦1,850.
- The Pound remained within the ₦2,150 to ₦2,200 corridor.
This indicates that despite volatility in previous months, the Naira has managed to claw back minor gains against global currencies this week, particularly at the CBN rate window. The relative stability is seen as a result of recent monetary policy interventions by the apex bank, coupled with increased diaspora remittances and foreign inflow from crude oil sales.
Analysts’ Insights
Economic analysts have attributed the recent appreciation of the Naira to CBN’s tighter forex regulations and improved FX inflow. However, they caution that the gap between the official and black market rates remains significant and could cause further strain on businesses reliant on imported goods.
“The central bank needs to sustain supply-side interventions to prevent another round of speculation. Naira’s strength is fragile and can erode quickly if oil prices decline or if capital outflows increase,” said a Lagos-based currency analyst.
Conclusion
As of today, May 24, 2025, the Naira has made some headway, especially in the official market, but the wide disparity between market segments underscores ongoing concerns about Nigeria’s forex market structure.
Citizens and businesses are advised to transact through legitimate channels and remain informed of ongoing currency movements that may affect import costs, travel, and savings.
For up-to-date and accurate foreign exchange data, always refer to CBN publications and verified financial reporting platforms.
