The Nigerian Naira continues to experience significant volatility against major foreign currencies, with varying rates recorded across the Central Bank of Nigeria (CBN), commercial banks, and the parallel (black) market. As the demand for foreign exchange intensifies, especially for import and business-related transactions, both individuals and corporate entities are closely monitoring rate fluctuations.
Dollar to Naira (USD/NGN)
Today, the official CBN rate for the U.S. Dollar stands at ₦1,150.00, reflecting a slight increase from yesterday’s official rate of ₦1,145.00.
Read Also: How Fake EFCC, CAC Certificates Were Used in Alleged CBEX Scheme
However, in the black market, where most informal currency exchanges occur, the U.S. Dollar is being traded at rates ranging from ₦1,250.00 to ₦1,270.00, depending on location and demand.
Banks are offering varied rates for customers conducting international transactions, with most commercial banks quoting between ₦1,160.00 and ₦1,180.00 per dollar.
Euro to Naira (EUR/NGN)
For the Euro, the CBN official rate is currently pegged at ₦1,230.00, a modest increase from ₦1,225.00 recorded on April 23. The black market rate has surged further, with prices ranging from ₦1,330.00 to ₦1,350.00 per euro.
Also Read : Dollar to Naira Exchange Rate Today (April 21, 2025) – Official & Black Market Rates
Bank rates for the Euro are slightly more stable, hovering between ₦1,240.00 and ₦1,260.00.
Pound to Naira (GBP/NGN)
The British Pound Sterling continues to command a premium, with the CBN quoting ₦1,420.00 as today’s official rate — up from ₦1,415.00 yesterday.
In the black market, the Pound is being exchanged at even higher rates, between ₦1,520.00 and ₦1,540.00. Commercial banks are offering rates in the region of ₦1,430.00 to ₦1,450.00 per pound.
Yesterday’s Exchange Rate Snapshot (April 23, 2025):
- USD to NGN (CBN): ₦1,145.00
- EUR to NGN (CBN): ₦1,225.00
- GBP to NGN (CBN): ₦1,415.00
Market Dynamics and Expert Insights
Analysts attribute the continued pressure on the Naira to rising inflation, weak foreign reserves, and the widening gap between the official and black market rates. “The persistent demand for dollars, euros, and pounds, particularly in the import and education sectors, is putting a strain on available forex supply,” said a Lagos-based financial analyst.
With the 2027 general elections on the horizon and economic reforms still unfolding, the Central Bank is expected to maintain its cautious stance while tightening oversight on illicit forex trading.
Consumer Advisory
Nigerians planning international transactions or travel are advised to confirm exchange rates with their respective banks and be wary of unregulated street vendors. The CBN continues to caution against engaging in parallel market transactions, citing risks of fraud and counterfeit currency.
Top 10 Essential Mobile Apps Every Nigerian Should Have in 2025
What you should know
TJ News Nigeria understands that as the Naira continues its turbulent ride against major currencies, stakeholders in the financial and business sectors remain on edge, awaiting more stable monetary policies to bring long-term relief. The divergence between official and unofficial rates is likely to persist unless forex supply increases significantly and investor confidence improves.
For daily updates on Nigeria’s forex market, stay connected to TJ News Nigeria.
