Black Market/CBN Exchange Rate Today, 1st April, 2025

The exchange rate for the US dollar (USD) to Nigerian Naira (NGN) in the parallel market, also known as black market, as of 1st April 2025, is N1,550 for 1 USD.......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>

This rate is often sourced from the latest data provided by Bureau De Change (BDC) operators.

As of today, 1st April 2025, the black market buying rate for the US dollar is N1,540 while the selling rate is N1,550.

Given the volatility of the black market, exchange rates fluctuate throughout the day, influenced by economic conditions, speculative trading, and government fiscal and monetary policies. In contrast to the black market, the Central Bank of Nigeria (CBN) maintains an official exchange rate. Today, the CBN rate for one dollar is N1,536.81.

For other major currencies in the black market:

British Pound Sterling (GBP): Buying at ₦1990 selling at ₦2010

Euro (EUR): Buying at ₦1,655 selling at ₦1,675

Chinese Yuan (CNY): Buying at ₦215, selling at ₦220

On the official CBN platform, the rates are considerably lower:

GBP: Buying at N1990.57, selling at N1,991.86

EUR: Buying at N1659.90, selling at N1,660.99

CNY: Buying at N211.37, selling at N211.51.

For the Saudi Riyal (SAR), the official rate stands at N409.43 for buying and N409.69 for selling.

Cryptocurrency Exchange Rates

Beyond traditional forex, cryptocurrency prices continue to fluctuate. As of this report:

Bitcoin (BTC) is valued at ₦170.3 million per BTC, with ₦1 equivalent to 0.0000000068 BTC.

Ethereum (ETH) trades at ₦5.3 million per ETH, with ₦1 equivalent to 0.000000195424 ETH.

Implications of Exchange Rate Disparities

The gap between the official and parallel market rates underscores the challenges in Nigeria’s forex system. Persistent disparities highlight the pressure on the naira, forex supply constraints, and the struggles businesses and individuals face in sourcing foreign currency for legitimate transactions.

Foreign exchange rates also vary across commercial banks and international money transfer operators.

These discrepancies create arbitrage opportunities but also pose serious challenges for businesses reliant on stable forex access. Addressing these fluctuations and fostering stability remains a key priority for policymakers in Nigeria.