Nigerian Naira continued to weaken on the parallel market today, as the U.S. dollar sold for ₦1,607.66, reflecting persistent forex volatility and mounting economic headwinds. This rate represents a slight depreciation from ₦1,612.64. recorded on 01/05/2025 indicating a 0.31% drop in value.
The widening gap between the official and black-market exchange rates remains a key indicator of Nigeria’s macroeconomic pressures, despite recent policy reforms introduced by the Central Bank of Nigeria (CBN).
Black-Market Exchange Rates – May 2, 2025
- U.S. Dollar (USD): ₦1,607.66 per $1
- Euro (EUR): ₦1,821.40 per €1
- British Pound (GBP): ₦2,137.74 per £1
- Chinese Yuan (CNY): ₦220 per ¥1
(Exchange data sourced from Aboki Forex and Google Finance a trusted tracker of Nigeria’s parallel currency market.)
Policy Reforms and Market Realities
The black market remains a financial lifeline for many Nigerians and businesses due to persistent forex shortages in the official window. Although the CBN introduced a unified exchange rate framework in mid-2023 — allowing the Naira to float freely in the Nigerian Foreign Exchange Market (NFEM) — limited dollar supply continues to drive demand toward the informal market. Until the forex backlog is cleared, and dollar inflows improve, pressure will persist on the Naira.
CBN Governor Olayemi Cardoso recently reaffirmed the Bank’s commitment to maintaining a market-based exchange mechanism but warned in the CBN Monetary Policy Brief February 2025) that “speculative attacks and external shocks” could still influence short-term currency performance.
Why It Matters
Importers, international students, SMEs, and remittance recipients depend on timely exchange data to make informed financial decisions. The continued divergence between official and parallel market rates erodes price stability, fuels inflation, and undermines investor confidence.
For accurate daily rates, platforms such as Aboki Forex, Google Finance , CBN FX Monitor, and Bloomberg Africa FX Tracker remain critical resources for market participants.
