Nigerian Naira continued its struggle against major global currencies today, with the black-market exchange rate for the U.S. dollar increase further reflecting persistent economic pressures and foreign exchange supply shortages.
As of April 28, 2025, the unofficial exchange rate — heavily relied upon by businesses and individuals in Nigeria — saw the Naira trading at ₦1,610.51 to $1 in the parallel market.
The ongoing gap between the official and black-market rates underscores mounting challenges for Africa’s largest economy, where demand for dollars far outpaces the limited supply accessible through official channels managed by the Central Bank of Nigeria (CBN).
Latest Black Market Rates (as of April 28, 2025):
- U.S. Dollar (USD): ₦1,610.51
- Euro (EUR): ₦1,827.94
- British Pound (GBP): ₦2,145.83
- Chinese Yuan (CNY): ₦220.99
A Widening Divide
While the CBN has implemented several reforms aimed at narrowing the gap between official and parallel market rates, today’s figures highlight the uphill battle facing monetary authorities. Restrictions on access to foreign currency at the official rate have driven many businesses and individuals toward the black market, where rates are determined by pure supply and demand dynamics.
The central bank’s policies — including managed float strategies and periodic interventions — have so far struggled to restore confidence in the official window, even as authorities promise further reforms.
Economic Implications
The weakening of the Naira presents major challenges for Nigerian businesses, particularly importers who must source dollars at premium rates. It also stokes inflationary pressures, increasing the cost of goods and services in a nation where millions already face rising living costs.
Foreign investors, wary of currency instability, continue to monitor the situation closely, with implications for capital inflows and broader economic growth.
Outlook
As Nigeria grapples with sluggish oil revenues, persistent inflation, and a need for structural reforms, analysts warn that the Naira’s volatility could worsen without sustained policy measures and a revival of foreign direct investment.
The Central Bank of Nigeria has vowed to continue its efforts to unify the exchange rates and stabilize the Naira. However, unless access to foreign exchange significantly improves, the black-market premium is likely to persist in the near term.
For continued real-time updates on Nigeria’s foreign exchange landscape, readers can refer to platforms such as Aboki Forex and official releases from the Central Bank of Nigeria.
