The exchange rate for the US dollar (USD) to Nigerian naira (NGN) in the parallel market, also known as the black market, as of 29th July 2025, is N1,540 for 1 USD.
This rate is often sourced from the latest data provided by Bureau De Change (BDC) operators.
As of today, 29th July 2025, the black market buying rate for the US dollar is N1,530 while the selling rate is N1,540.
Given the volatility of the black market, exchange rates fluctuate throughout the day, influenced by economic conditions, speculative trading, and government fiscal and monetary policies. In contrast to the black market, the Central Bank of Nigeria (CBN) maintains an official exchange rate. Today, the CBN rate for one dollar is N1,534.20.
For other major currencies in the black market:
British Pound Sterling (GBP): Buying at ₦2125 selling at ₦2145
Euro (EUR): Buying at ₦1,780 selling at ₦1,800
Chinese Yuan (CNY): Buying at N213.87, selling at N214.01
On the official CBN platform, the rates are considerably lower:
GBP: Buying at N2,100.10, selling at N2,101.46
EUR: Buying at N1,790.76, selling at N1,791.92
CNY: Buying at N213.87, selling at N214.01.
For the Saudi Riyal (SAR), the official rate stands at N410.25 for buying and N410.51 for selling.
Beyond traditional forex, cryptocurrency prices continue to fluctuate. As of this report:
Bitcoin (BTC) is valued at NGN152.3M per BTC, with ₦1 equivalent to 0.000000078BTC.
Ethereum (ETH) trades at NGN 2.9M per ETH, with ₦1 equivalent to 0.00000034ETH.
The gap between the official and parallel market rates underscores the challenges in Nigeria’s forex system. Persistent disparities highlight the pressure on the naira, forex supply constraints, and the struggles businesses and individuals face in sourcing foreign currency for legitimate transactions.
Foreign exchange rates also vary across commercial banks and international money transfer operators.
These discrepancies create arbitrage opportunities but also pose serious challenges for businesses reliant on stable forex access. Addressing these fluctuations and fostering stability remains a key priority for policymakers in Nigeria.
