On Thursday, August 14, 2025, the Nigerian naira continued to face pressure in the parallel market as currency traders in Lagos reported mixed buying and selling rates for the United States dollar.
According to information obtained from Bureau De Change (BDC) operators, the dollar was purchased at ₦1,560 and sold at ₦1,568 in the black market. These figures represent the unofficial exchange rate, which often differs from the official rate set by the Central Bank of Nigeria (CBN).
It is important to note that the CBN does not recognize transactions carried out in the black market. The apex bank has repeatedly advised individuals and businesses seeking foreign exchange to approach their respective commercial banks or other authorized dealers for transactions, as the parallel market operates outside official regulation.
Dollar to Naira – Black Market Rates
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Buying Rate: ₦1,560
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Selling Rate: ₦1,568
Dollar to Naira – CBN Official Rates
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Highest Rate: ₦1,535
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Lowest Rate: ₦1,533
Why the Rates Differ
Foreign exchange rates in Nigeria fluctuate daily, influenced by factors such as market demand, supply constraints, inflation, and government monetary policies. The disparity between the official CBN rate and the parallel market rate is primarily driven by limited dollar availability through official channels, which pushes individuals and businesses to the black market where demand is higher and prices are unregulated.
While the black market often provides quicker access to forex, the rates are typically less favorable than those offered officially, and transactions there are riskier due to the lack of formal oversight.
Exchange rates mentioned in this report are based on market surveys and may differ from the rates you encounter when buying or selling foreign currency, as prices can vary by location, trader, and transaction volume.
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