Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today — Thursday, 23rd October 2025
As of Thursday, 23rd October 2025, the exchange rate between the United States dollar (USD) and the Nigerian naira (NGN) in the parallel, or black market, remains highly volatile amid persistent economic pressures. According to Bureau De Change (BDC) operators in Lagos and Abuja, the dollar is currently trading at ₦1,480 for buying and ₦1,500 for selling.
These rates, which fluctuate daily depending on shifts in supply and demand, are widely regarded as a more realistic reflection of forex availability across the country.
In contrast, the Central Bank of Nigeria (CBN) maintains its official exchange rate at ₦1,452 for buying and ₦1,466 for selling. The persistent gap between the official and parallel market rates underscores ongoing pressure on the naira and highlights structural challenges within Nigeria’s foreign exchange system.
Analysts attribute the disparity to reduced dollar inflows, heavy reliance on imports, speculative trading, and limited access to foreign currency through formal banking channels.
For importers, travellers, and small business operators, the black market remains a critical avenue for sourcing dollars, despite government initiatives to unify the exchange rate. Other major currencies are also showing notable activity in both official and parallel markets.
In the black market, the British pound sterling trades between ₦2,090 and ₦2,120, while the euro exchanges between ₦1,790 and ₦1,800. At the official CBN window, the pound is quoted between ₦2,041.97 and ₦2,043.31, and the euro between ₦1,773.46 and ₦1,774.62. Slight variations are also observed for the Chinese yuan and Saudi riyal, reflecting broader inconsistencies in Nigeria’s currency management.
Meanwhile, interest in cryptocurrencies continues to grow, particularly among young investors and digital entrepreneurs seeking alternatives to traditional forex channels. As of this report, Bitcoin (BTC) is valued at approximately ₦172.7 million per coin, with one naira equivalent to roughly 0.000020008 BTC, while Ethereum (ETH) trades at about ₦6.9 million per coin, or 0.00000034 ETH per naira.
The rising adoption of digital currencies underscores Nigerians’ increasing search for hedges against the weakening naira and limited access to conventional foreign exchange.
In practical terms, today’s black market rates translate into significant sums for everyday transactions. Exchanging fifty US dollars would yield about ₦76,250 at the buying rate and ₦76,750 at the selling rate, while one hundred dollars fetches roughly ₦152,500 when sold and costs ₦153,500 when bought.
For larger transactions, five hundred dollars would bring in approximately ₦762,500 on buying and ₦767,500 on selling, while one thousand dollars translates to about ₦1,525,000 and ₦1,535,000, respectively. These figures illustrate the tangible impact of exchange rate fluctuations on individuals and businesses navigating Nigeria’s parallel forex market.
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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