However, the spread between official and parallel market rates has narrowed slightly in recent weeks due to improved forex liquidity and stronger foreign reserve levels. Therefore, traders continue to monitor movements closely across different markets.
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Exchange Rates Table
| Currency | Official Market Rate (₦) | Parallel / Black Market Rate (₦) | Mid-Market / Indicative Rate (₦) |
|---|---|---|---|
| US Dollar (USD) | ₦1,398 – ₦1,404 | ₦1,400 – ₦1,420 | ₦1,405 |
| Euro (EUR) | ₦1,520 – ₦1,540 | ₦1,600 – ₦1,630 | ₦1,615 |
| British Pound (GBP) | ₦1,780 – ₦1,810 | ₦1,880 – ₦1,910 | ₦1,895 |
| Chinese Yuan (CNY) | ₦195 – ₦200 | ₦205 – ₦210 | ₦208 |
| Japanese Yen (JPY) | ₦9.3 – ₦9.6 | ₦9.8 – ₦10.2 | ₦10.0 |
| Canadian Dollar (CAD) | ₦1,030 – ₦1,050 | ₦1,080 – ₦1,110 | ₦1,095 |
| Swiss Franc (CHF) | ₦1,540 – ₦1,560 | ₦1,620 – ₦1,650 | ₦1,635 |
| Saudi Riyal (SAR) | ₦370 – ₦375 | ₦380 – ₦390 | ₦385 |
| UAE Dirham (AED) | ₦372 – ₦378 | ₦385 – ₦395 | ₦390 |
Market Notes
The official exchange rate is determined within the Nigerian Foreign Exchange Market and regulated by the Central Bank of Nigeria.
Meanwhile, the parallel market rate reflects prices quoted by Bureau de Change operators and informal traders across major cities such as Lagos, Abuja and Kano.
The mid-market rate represents the global benchmark used by international currency platforms. It excludes transaction margins and local premiums.
Exchange rates can change during the day depending on supply, demand, and market liquidity. Therefore, individuals and businesses should confirm rates before completing foreign exchange transactions.
Naira vs Dollar and Other Currencies – Stay with Sojworldnews for daily exchange rate updates, business news and economic analysis.
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