The Central Bank of Nigeria (CBN) is still very important when it comes to setting the official exchange rates of the Naira (NGN) against the world’s major currencies as of September 2025. The Nigerian Foreign Exchange Market (NFEM) sets the official rates, which show how the government handles money and the economy.
Rate of Exchange USD/NGN
The legal rate for the US Dollar (USD) is ₪1,531.57 to a naira. This rate comes from the NFEM, which takes information from approved dealers and shows the day’s volume-weighted average exchange rate.
Rate of Exchange for GBP/NGN
The exact exchange rate for the British Pound (GBP) is ₦1,923.45 per GBP. This rate is also set by the NFEM, which looks at things like trade balances, inflation rates, and the general economic relationship between Nigeria and the UK.
CAD/NGN Rate of Exchange
The fixed rate for the Canadian Dollar (CAD) is ₦1,145.30 per CAD. Nigeria’s trade with Canada, the prices of commodities, and the state of the world economy all have an effect on the exchange rate.
Rate of Exchange EUR/NGN
The legal value of one Euro (EUR) is ₦1,650.60. This rate is affected by the economic health of the Eurozone, trade deals, and the flow of investments between Nigeria and European countries.
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Things that affect exchange rates
There are a number of things that cause these exchange rates to change:
Monetary policy: The value of the Naira is directly affected by the Central Bank of Nigeria’s choices on interest rates and foreign exchange.
Oil Prices: Since Nigeria is a big oil exporter, the money it makes from oil sales affects its foreign exchange savings and, by extension, the value of the naira.
Rates of inflation: The Naira can lose value if Nigeria’s inflation rate is higher than that of other countries.
Foreign Investment: Foreign direct investment (FDI) and capital investment raise the value of the naira by making more people want to buy it.
In conclusion
The Central Bank of Nigeria (CBN) sets the official exchange rates that show how much the Naira is worth in comparison to other important currencies. These rates could change depending on how the economy is doing and what the government decides. Stakeholders should check the CBN’s official exchange rate portal often to get the most correct and up-to-date information.
