Central Bank of Nigeria (CBN) Exchange Rates
Official CBN exchange rates for the Nigerian Naira (NGN)
Official CBN Exchange Rates
These are the official exchange rates set by the Central Bank of Nigeria
| Currency | Code | Buy (₦) | Sell (₦) |
|---|---|---|---|
 | USD | ₦1,550.00 | ₦1,552.00 |
 | EUR | ₦1,680.00 | ₦1,682.00 |
 | GBP | ₦1,960.00 | ₦1,962.00 |
 | CAD | ₦1,130.00 | ₦1,132.00 |
 | AUD | ₦1,020.00 | ₦1,022.00 |
 | CHF | ₦1,700.00 | ₦1,702.00 |
 | JPY | ₦10.05 | ₦10.07 |
 | CNY | ₦213.50 | ₦214.50 |
 | ZAR | ₦83.20 | ₦83.40 |
 | GHS | ₦97.80 | ₦98.20 |
The Central Bank of Nigeria (CBN) publishes official exchange rates for the Nigerian Naira against major world currencies. These rates are used for official transactions and may differ from market rates.
CBN vs Black Market Rates Comparison
| Currency | CBN Rate (₦) | Black Market Rate (₦) | Difference |
|---|---|---|---|
| ₦1,550.00 | ₦1,620.00 | +₦70.00 (4.52%) |
| ₦1,680.00 | ₦1,760.00 | +₦80.00 (4.76%) |
| ₦1,960.00 | ₦2,050.00 | +₦90.00 (4.59%) |
The black market rates are typically higher than the official CBN rates. The difference represents the premium paid in the parallel market due to various factors including demand, supply, and regulatory policies.
Understanding CBN Exchange Rates
What are CBN Rates?
The Central Bank of Nigeria (CBN) rates are the official exchange rates set by Nigeria's central bank. These rates are used for official transactions, government business, and as a benchmark for financial institutions.
CBN vs Parallel Market
The parallel market (black market) rates often differ from CBN rates due to market forces, liquidity issues, and regulatory policies. The parallel market typically offers higher rates for foreign currencies.
Rate Determination
CBN rates are determined through a managed float system where the central bank intervenes to stabilize the Naira. Factors affecting the rates include foreign reserves, inflation, and economic policies.
Impact on Economy
CBN exchange rates impact import costs, inflation, foreign investments, and overall economic stability. The central bank uses various monetary policies to manage exchange rates and maintain economic stability.