Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 31st August 2025
The exchange rate between the United States dollar (USD) and the Nigerian naira (NGN) in the parallel market, popularly known as the black market, stood at ₦1,550 to 1 USD as of Monday, 31st August 2025.
This figure was obtained from Bureau De Change (BDC) operators who serve as the main source of foreign currency for many Nigerians unable to access dollars at the Central Bank of Nigeria’s (CBN) official window.
In today’s parallel market, the dollar was bought at ₦1,540 and sold at ₦1,550. These rates are subject to constant adjustment during the day depending on market forces such as supply and demand, speculation, international oil prices, and government economic policies. The volatility of the black market highlights the forex shortages and economic pressures that continue to weigh heavily on Nigeria’s economy.
By contrast, the official exchange rate set by the Central Bank of Nigeria is much lower than what is obtainable on the streets. As of today, the CBN rate for one dollar stands at ₦1,536, with slight variations between the buying and selling price.
Similarly, the CBN’s official rates for other major currencies are: the British pound sterling at about ₦2,078, the euro at around ₦1,791, the Chinese yuan at ₦213, and the Saudi riyal at ₦409.
This persistent disparity between the official exchange rate and the black market underscores the pressure on the naira and the loopholes within Nigeria’s forex market. It also provides an opportunity for arbitrage, where individuals exploit the differences between both markets for profit.
While the CBN continues to push for greater stability, businesses and individuals often find the black market more accessible despite its higher rates. On the global digital front, cryptocurrencies also provide an alternative means of storing value and facilitating transactions.
As of today, 1 Bitcoin (BTC) is valued at about ₦170.4 million, while 1 Ethereum (ETH) trades around ₦6.8 million. The adoption of cryptocurrencies by many Nigerians is partly driven by the continued instability of the naira and the challenges of accessing foreign currency.
For practical transactions, the impact of the current black market rate is glaring. Exchanging 50 US dollars will fetch approximately ₦77,000 at the buying rate and cost ₦77,500 at the selling rate. Similarly, 100 US dollars exchanged today will amount to about ₦154,000 when sold to operators, while purchasing the same amount will cost ₦155,000.
For larger transactions, the figures become even more significant. A sum of 500 US dollars translates to ₦770,000 at the buying rate and ₦775,000 at the selling rate. Meanwhile, anyone seeking to buy or sell 1,000 US dollars will be exchanging for between ₦1,540,000 and ₦1,550,000 in the parallel market today.
These figures highlight the strain businesses face, particularly importers who rely heavily on foreign exchange for their operations.
Foreign exchange rates in Nigeria are highly fragmented. Apart from the black market and the official CBN rate, commercial banks, international money transfer operators, and fintech platforms each have their own varying rates. This lack of uniformity often complicates transactions for individuals and businesses, especially those involved in international trade, overseas schooling, and travel.
The fluctuations in the dollar-to-naira exchange rate are also a reflection of Nigeria’s broader economic realities, including declining oil revenues, inflationary pressures, and a growing demand for foreign exchange. Until these structural issues are addressed, the naira is likely to remain under pressure in the black market, despite efforts by the CBN to stabilise the situation.
In conclusion, the black market rate of ₦1,550 per dollar on 31st August 2025 is a stark reminder of the challenges facing Nigeria’s forex market. While the CBN’s official rate remains lower, the accessibility of the black market continues to drive most forex transactions in the country. The impact of this situation is deeply felt by households, businesses, and travellers alike, making exchange rate stability one of the most pressing economic issues of the day.
Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.
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