The Nigerian naira continued to face volatility at the parallel market, also known as the black market, with traders in Lagos buying the U.S. dollar at ₦1,570 and selling it at ₦1,550 on Monday, August 11, 2025.
These figures were obtained from independent sources within the Bureau De Change (BDC) sector.
It is important to highlight that the Central Bank of Nigeria (CBN) does not officially recognize black market transactions. The apex bank has consistently advised individuals and businesses seeking foreign exchange to conduct their transactions through authorized dealers, such as commercial banks, in line with its monetary policies.
Dollar to Naira – Black Market Rates (Lagos)
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Buying: ₦1,570 per $1
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Selling: ₦1,550 per $1
Dollar to Naira – Official CBN Rates
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Highest Rate: ₦1,538 per $1
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Lowest Rate: ₦1,526 per $1
These official rates are based on the CBN’s trading benchmarks and are typically lower than what is obtainable in the parallel market.
Why the Rates Differ
The persistent gap between the official and parallel market rates is influenced by several factors, including:
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High demand for U.S. dollars in import-driven sectors.
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Limited dollar supply through official channels.
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Speculative trading within the forex market.
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Inflationary pressures on the naira.
Important Note for Forex Users
Exchange rates can fluctuate multiple times within a day, depending on market conditions and the location of the transaction. Therefore, the rates listed above are indicative and may differ from what individual buyers or sellers encounter.
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