As of 2nd August 2025, the exchange rate for the US Dollar (USD) to the Nigerian Naira (NGN) on the parallel market, commonly known as the black market, is approximately ₦1,560/$1, based on data from Bureau De Change (BDC) operators.
Black Market Rates (USD/NGN):
Buying: ₦1,550
Selling: ₦1,560
Please note: These rates are subject to fluctuation throughout the day due to market volatility driven by economic pressures, speculative trading, and shifts in fiscal and monetary policy.
Official CBN Rate (USD/NGN):
As of today, the Central Bank of Nigeria (CBN) maintains an official exchange rate of ₦1,533/$1.
Black Market Rates for Other Major Currencies:
British Pound (GBP):
Buying: ₦2,125
Selling: ₦2,145
Euro (EUR):
Buying: ₦1,780
Selling: ₦1,800
Chinese Yuan (CNY):
Buying: ₦213.87
Selling: ₦214.01
CBN Official Rates (1st August 2025):
British Pound (GBP):
Buying: ₦2,100.10
Selling: ₦2,101.46
Euro (EUR):
Buying: ₦1,790.76
Selling: ₦1,791.92
Chinese Yuan (CNY):
Buying: ₦213.87
Selling: ₦214.01
Saudi Riyal (SAR):
Buying: ₦410.25
Selling: ₦410.51
Cryptocurrency Exchange Rates (as of 31st July 2025):
Bitcoin (BTC):
1 BTC = ₦152.3 million
₦1 = 0.000000078 BTC
Ethereum (ETH):
1 ETH = ₦2.9 million
₦1 = 0.00000034 ETH
Implications of Exchange Rate Disparities
The persistent gap between official and black market exchange rates highlights significant structural challenges within Nigeria’s foreign exchange system. This divergence signals:
A weakened naira
Persistent forex scarcity
Rising difficulty for individuals and businesses to access foreign currency at official rates
Exchange rates also differ across commercial banks and international remittance platforms, creating arbitrage opportunities but also exposing businesses to greater financial risk and uncertainty.
Addressing these disparities and fostering a more unified, transparent, and stable forex market remains crucial to Nigeria’s long-term economic strategy.
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