The exchange rate for the United States Dollar (USD) to Nigerian Naira (NGN) in the parallel market, also known as the black market, is ₦1,560 per $1 as of Friday, 16th August 2025.
According to Bureau De Change (BDC) operators, the buying rate stands at ₦1,550 to a dollar, while the selling rate is pegged at ₦1,560. These figures continue to fluctuate within the day, driven by changes in supply and demand, economic uncertainty, speculation, and government policies.
In contrast, the Central Bank of Nigeria (CBN) maintains a lower official rate. As of today, the CBN buying rate for the dollar is ₦1,531.51, while the selling rate is ₦1,532.51. This clear disparity between the black market and official windows highlights the pressure on the naira and the ongoing challenges in Nigeria’s foreign exchange system.
For other major currencies, the pound sterling in the black market is exchanged at ₦2,090 for buying and ₦2,120 for selling, while the euro trades at ₦1,770 and ₦1,790 respectively. Official CBN figures, however, quote the pound sterling at ₦2,077.04 buying and ₦2,078.39 selling, and the euro at ₦1,790.18 buying and ₦1,791.35 selling. The Chinese yuan currently exchanges officially at ₦213.29 for buying and ₦213.43 for selling, while the Saudi riyal is at ₦408.07 and ₦409.34 respectively.
Digital currencies also continue to show strong values against the naira. At the time of reporting, one bitcoin (BTC) is worth approximately ₦182.9 million, with one naira equivalent to 0.0000200078 BTC. Ethereum (ETH) trades at about ₦6.9 million for one unit, while one naira exchanges for 0.00000034 ETH.
The variation between black market rates, CBN official rates, and figures from commercial banks and international money transfer operators reflects the fragmented nature of Nigeria’s forex market. This disparity often creates opportunities for arbitrage but also makes it difficult for businesses, travellers, and students to access foreign currency at affordable rates.
To put this into perspective, exchanging fifty US dollars in the black market today will fetch about ₦77,500 at the buying rate, while retailers will sell the same amount for ₦78,000. A transaction of one hundred US dollars translates to ₦155,000 at the buying rate and ₦156,000 at the selling rate. For larger transactions, such as five hundred dollars, one would get about ₦775,000 at the buying rate and ₦780,000 at the selling rate. Those in need of up to one thousand US dollars will spend ₦1,550,000 at the buying rate or ₦1,560,000 at the selling rate.
The persistent fluctuations in Nigeria’s exchange rate market underscore the fragile state of the economy, with forex shortages, inflationary pressures, and investor uncertainty continuing to weigh heavily on the value of the naira.
