The value of the U.S. dollar against the Nigerian naira continues to fluctuate, particularly in the parallel (black) market, where demand for foreign currency remains high.
According to market findings from Bureau De Change (BDC) operators in Lagos on Saturday, August 16, 2025, the exchange rate stood as follows:
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Buying Rate: ₦1,560 per $1
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Selling Rate: ₦1,550 per $1
This means that dealers purchase one U.S. dollar at ₦1,560 and sell at ₦1,550, depending on bargaining strength and location.
CBN’s Official Position
The Central Bank of Nigeria (CBN) has consistently emphasized that it does not recognize the parallel market as an official channel for foreign exchange transactions. Instead, the apex bank insists that individuals and businesses in need of forex should process their requests through authorized banks and other licensed financial institutions.
On the official window, data indicates that the naira traded between ₦1,533 and ₦1,535 per dollar, showing a slightly stronger position compared to the black market.
Why the Difference in Rates?
The persistent gap between the CBN’s official exchange rate and the black-market rate is largely driven by:
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High demand for dollars among importers, travelers, and businesses.
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Limited supply of foreign exchange through official banking channels.
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Speculation and hoarding in the parallel market.
As a result, many Nigerians often resort to BDCs and street dealers despite government warnings, since access to forex through banks can be slow or restricted.
Advisory for Forex Users
It is important to note that the rates mentioned above may differ slightly depending on your location and the dealer you transact with. Forex prices change rapidly due to market demand and supply pressures, so buyers and sellers are encouraged to verify current rates before concluding transactions.
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