The exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) continues to fluctuate in both the official and parallel (black) markets, reflecting the ongoing pressure on Nigeria’s foreign exchange system.
As of Wednesday, August 27, 2025, checks across Lagos and other major trading hubs show that Bureau De Change (BDC) operators in the parallel market are buying the dollar at ₦1,538 and selling at about ₦1,528. Traders say demand remains high, particularly from importers and individuals seeking foreign currency for travel, business, and school fees abroad.
Black Market Dollar to Naira Rate Today
-
Buying: ₦1,548 per $1
-
Selling: ₦1,531 per $1
CBN Official Dollar to Naira Rate
According to figures obtained from the Central Bank of Nigeria (CBN), the official rate today stands at:
-
Highest Rate: ₦1,538 per $1
-
Lowest Rate: ₦1,536 per $1
It is important to note that the CBN does not recognize or support transactions carried out in the black market, commonly referred to as the “Aboki” market. Instead, the apex bank continues to insist that all legitimate forex transactions be routed through authorized dealers such as commercial banks.
Why the Gap?
The widening difference between the official and parallel market rates is largely attributed to persistent dollar shortages, declining foreign reserves, and strong demand from Nigerians who cannot access forex through banks due to limited supply. Analysts say this trend fuels speculation and creates opportunities for arbitrage, worsening the pressure on the naira.
What This Means for Nigerians
For ordinary citizens, these fluctuations translate into higher costs of living. Import-dependent goods such as fuel, food items, electronics, and building materials become more expensive as traders factor in exchange rate losses. Families paying school fees or medical bills abroad are also among the hardest hit.
Experts warn that unless Nigeria improves its export earnings, boosts local production, and attracts foreign investment, the naira may remain under pressure in the months ahead.
Disclaimer: Exchange rates may vary depending on the location and dealer you transact with. The figures provided here are based on reports from BDC operators and official CBN updates at the time of writing.
Post a Comment