CBN Official Exchange Rate Today
The Central Bank of Nigeria's official NAFEM rate for USD, GBP, EUR and CAD to Nigerian Naira — updated daily.
USD to Nigerian Naira — Quick Reference Table
Live rates for common amounts. Both CBN official and parallel market rates.
| Amount (USD) | CBN Official (₦) | Parallel Market (₦) |
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CBN exchange rate today — Full Guide
The CBN exchange rate today is the official rate set by the Central Bank of Nigeria through the Nigeria Autonomous Foreign Exchange Market (NAFEM) window. This is the rate used by Nigerian commercial banks for formal foreign exchange transactions, by the government for oil revenue accounting, and by businesses for formal import/export invoicing.
Since the June 2023 forex reform, the CBN has allowed the naira to float more freely through the NAFEM window — replacing the multiple fixed exchange rate windows that previously existed. The NAFEM rate is derived from a volume-weighted average of interbank transactions and is published daily.
What Is the NAFEM Rate and How Is It Set?
The Nigeria Autonomous Foreign Exchange Market (NAFEM) was established by the CBN as part of the June 2023 forex unification. It replaced the Investors & Exporters (I&E) window, the CBN official window, and the Bureau De Change window with a single, market-determined rate. Under NAFEM, authorised dealers (commercial banks) quote rates for buying and selling foreign exchange. The CBN publishes the volume-weighted average of these transactions as the official NAFEM rate each business day. This rate is what appears on CBN's official website and in central bank reports.
Who Uses the CBN Official Rate?
The CBN official rate is used by: Nigerian commercial banks for formal dollar purchases and sales; the NNPCL (Nigerian National Petroleum Company) for oil revenue remittances; the federal government for budget planning and debt service calculations; multinational companies for profit repatriation and financial reporting; and the IMF and World Bank for Nigeria country statistics. Most ordinary Nigerians cannot directly access the CBN rate through banks without significant documentation.
Frequently Asked Questions
Answers to the most common questions about CBN exchange rate today
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The official CBN (Central Bank of Nigeria) NAFEM exchange rate today is approximately ₦1,540–₦1,600 per US Dollar. See the live rate at the top of this page — we update the CBN rate daily from publicly available sources.
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The CBN official rate is set through the NAFEM interbank market and published by the Central Bank. The parallel market (black market) rate is what Bureau De Change operators trade at in the informal market — typically 5–15% higher than the CBN rate. The gap exists because many individuals and businesses cannot access forex at the official rate through formal banking channels.
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The official CBN exchange rate is published daily on the Central Bank of Nigeria's website (cbn.gov.ng) under the Exchange Rates section. Our site provides the same official rate via financial data APIs, updated daily.
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Technically yes, but in practice it is difficult. Nigerian banks are required to offer forex at the NAFEM rate, but availability is often limited and customers must document the purpose of their forex purchase. Many banks require proof of travel, import documentation, or school fees invoices. This limited access is why the parallel market continues to exist.
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