As of Tuesday, August 12, 2025, the exchange rate for the US dollar against the Nigerian naira in the Lagos Parallel Market (Black Market) shows that currency dealers are buying at ₦1,570 per dollar and selling at ₦1,560 per dollar, according to information obtained from Bureau De Change (BDC) operators.
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognise transactions in the black market. The apex bank has consistently advised individuals and businesses seeking foreign exchange to use official banking channels instead of relying on informal market sources, which are often unregulated and prone to fluctuations.
Current Black Market Rates
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Buying Rate: ₦1,570 per $1
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Selling Rate: ₦1,560 per $1
CBN Official Rates
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Highest Official Rate: ₦1,543 per $1
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Lowest Official Rate: ₦1,535 per $1
The difference between the black market and CBN rates reflects the ongoing pressure on the naira, driven by high demand for foreign currency in the face of limited supply through official channels. This disparity also underscores the economic challenges Nigeria faces, including inflation, reduced foreign reserves, and increased import costs.
Market analysts note that exchange rates can change multiple times within a day depending on market demand, international dollar movements, and local forex supply conditions. Therefore, the rate at which you buy or sell may differ from the figures quoted here.
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