Naira struggles as Black Market rates outpace CBN figures for the dollar, Pound, and Euro

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The Nigerian naira remains under strain against major global currencies, with the gap between the Central Bank of Nigeria’s (CBN) official exchange rate and the parallel market rate continuing to widen. For households, travellers, and businesses, tracking the daily movement of the naira against the dollar has become increasingly vital.

In the black market, the U.S. dollar is currently exchanged at an average of ₦1,500 for buying and ₦1,515 for selling across major cities, including Lagos and Abuja.

At the official Investors’ and Exporters’ (I&E) window, however, the CBN pegs the rate at approximately ₦1,502 per $1. Analysts note this highlights the “persistent divergence between official and street market rates”.

Pound to Naira

The British pound continues to show resilience against the naira. Officially, it is valued at around ₦2,050 per £1, while parallel market traders sell it higher at about ₦2,090. A Lagos-based currency dealer remarked, “Demand for the pound has stayed strong, and that is keeping the black-market rate elevated.”

Euro to Naira

For the euro, the CBN lists the rate at roughly ₦1,635 per €1. In contrast, parallel market traders sell it at about ₦1,680 per €1. One trader in Abuja stated, “People prefer to buy euros on the street because it’s faster, even if the rate is slightly higher.

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