What Is the CBN Rate Today? Understanding Nigeria’s Official Exchange Rate

When people ask “what is the CBN rate today?” they mean the official exchange rate — the price of the dollar in the regulated market the Central Bank of Nigeria oversees. It is usually a bit lower than the street rate, and it is the benchmark banks use for documented transactions.

Where the official rate comes from

Since the 2023 reforms, the official rate is set by trading in the NAFEM window — the Nigerian Autonomous Foreign Exchange Market, where banks and large players buy and sell dollars. The published “CBN rate” is effectively that market’s closing level.

Official vs street rate

The official rate applies to bank-processed, documented FX; the parallel (street) rate reflects raw cash demand and sits a little higher. The two moved far apart for years but narrowed sharply after unification — see our full rates explainer.

How to check today's rate

For a live, current number, use our USD to Naira page — it updates automatically. The headline “CBN rate” you see in the news is usually yesterday’s official close.