Dollar falls slightly, pound gains, euro slips against naira — Nigeria’s parallel foreign exchange market witnessed marginal currency shifts on Tuesday, as the country continues to grapple with complex macroeconomic challenges and constrained forex liquidity.
The Naira slightly appreciated against the U.S. Dollar in the black market, trading at ₦1,601.64 per $1, reflecting a 0.013% decrease from ₦1,601.85 the day prior. Though minimal, the movement underscores the delicate balance between demand and constrained supply in Nigeria’s informal currency exchange ecosystem.
In contrast, the British Pound Sterling rose 0.17%, moving from ₦2,143.78 to ₦2,147.38, bolstered by strong demand and favorable trade sentiment. Meanwhile, the Euro dipped 0.18%, declining from ₦1,825 to ₦1,821.72, marking a modest correction in line with broader market adjustments.
Latest Black Market Exchange Rates – April 30, 2025
How Much is the Dollar to Naira Today in the Black Market?
• Selling Rate: ₦1,601.64 per $1
How Much is the Euro to Naira Today in the Black Market?
• Selling Rate: ₦1,821.72 per €1
How Much is the Pound to Naira Today in the Black Market?
• Selling Rate: ₦2,147.78 per £1
How Much is the Chinese Yuan to Naira Today in the Black Market?
• Selling Rate: ₦220 per ¥1
Note: Rates reflect black-market averages and may vary slightly by region or vendor.
What’s Driving Nigeria’s Currency Market?
Nigeria’s foreign exchange landscape remains bifurcated, with the CBN’s official rate regime coexisting alongside a robust parallel market driven by real-time demand.
Ongoing foreign currency shortages, import pressures, and CBN restrictions on official dollar access continue to push individuals and businesses—particularly importers, students, and SMEs—toward the black market. This has entrenched Bureau de Change (BDC) operators as critical players in the forex ecosystem.
While the CBN has introduced measures aimed at unifying exchange rates and floating the Naira more freely through the Nigerian Foreign Exchange Market (NFEM), price discrepancies persist—driven by delayed remittances, inflationary pressure, and investor hesitancy.
Market Outlook
Currency analysts forecast continued moderate volatility as the CBN balances inflation control with the need for a market-determined exchange rate. The pace of economic reforms, stability in oil revenues, and progress toward improved forex supply will all be key determinants of Naira performance in the months ahead.
For real-time updates, market participants continue to monitor trusted platforms including Aboki Forex , CBN global trackers like XE, OANDA, and Yahoo Finance.
