The Nigerian naira continues to face pressure against the U.S. dollar in the unofficial foreign exchange market.
As of Sunday, August 3, 2025, the exchange rate at the Lagos Parallel Market, commonly referred to as the Black Market, shows that traders are buying the U.S. dollar at ₦1,555 and selling at ₦1,560, based on information obtained from Bureau De Change (BDC) operators in Lagos.
Important Notice from the Central Bank of Nigeria (CBN)
The Central Bank of Nigeria (CBN) has reiterated that it does not endorse or recognize rates from the black market. Individuals and businesses seeking to conduct foreign exchange transactions are strongly advised to do so through authorized financial institutions, such as commercial banks, to ensure transparency and regulatory compliance.
Black Market Dollar to Naira Exchange Rate (August 3, 2025)
| Currency | Buying Rate | Selling Rate |
|---|---|---|
| USD to NGN (Black Market) | ₦1,555 | ₦1,560 |
Official CBN Dollar to Naira Exchange Rate
At the Central Bank of Nigeria’s official window, the U.S. dollar was traded at a high of ₦1,535 and a low of ₦1,532 on the same date. These rates apply primarily to transactions conducted through authorized dealers and the Investors’ and Exporters’ (I&E) window.
| Currency | Highest Rate | Lowest Rate |
|---|---|---|
| USD to NGN (CBN) | ₦1,535 | ₦1,532 |
Please be aware that forex rates are highly volatile and may fluctuate significantly within hours. The actual rate at which you buy or sell foreign currency may vary depending on your location, the vendor, time of day, and volume of transaction. It is advisable to check with multiple sources before making any large forex exchanges.
