As of Monday, July 28, 2025, the exchange rate for the US dollar against the Nigerian naira continues to fluctuate across different forex platforms.
In the Lagos parallel market commonly referred to as the black market foreign exchange dealers are buying one US dollar at ₦1535 and selling it for ₦1540. This information comes from reliable sources within the Bureau De Change (BDC) operations in Lagos.
It is important to emphasize that the Central Bank of Nigeria (CBN) does not officially recognize the black market for forex transactions. The apex bank consistently advises individuals and businesses seeking foreign exchange to use licensed commercial banks or other authorized financial institutions.
Parallel Market (Black Market) Rates
| Currency Pair | Buying Rate | Selling Rate |
|---|---|---|
| Dollar to Naira (USD/NGN) | ₦1535 | ₦1540 |
CBN Official Rates – July 28, 2025
According to data available from the Central Bank of Nigeria:
| Currency Pair | Highest Rate | Lowest Rate |
|---|---|---|
| Dollar to Naira (USD/NGN) | ₦1535 | ₦1532 |
Please note: The rates stated above may vary slightly depending on your location, negotiation strength, and method of transaction. Individuals purchasing large volumes of forex or using fintech platforms might encounter slightly different figures due to transaction charges, timing, or service fees.
Market Outlook and Advisory
The naira continues to face pressure in both the official and unofficial forex markets due to persistent demand for dollars amid limited supply. Economic analysts believe that unless structural reforms are implemented, the gap between the official and black-market exchange rates may remain a concern.
If you plan to buy or sell forex, ensure you verify current rates with your dealer or financial institution before concluding any transaction.
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