Black Market/CBN Exchange Rate Today – 1st August 2025

As of 1st August 2025, the exchange rate for the US dollar (USD) to Nigerian naira (NGN) on the parallel market, commonly referred to as the black market, stands at ₦1,550/$1, based on data gathered from Bureau De Change (BDC) operators.

Black Market Rates (USD/NGN):

Buying: ₦1,540

Selling: ₦1,550

Due to the volatile nature of the parallel market, these rates may fluctuate throughout the day, influenced by economic pressures, speculative activity, and shifts in monetary or fiscal policy.

In contrast, the Central Bank of Nigeria (CBN) maintains a lower official exchange rate. Today, the CBN official rate for the US dollar is ₦1,534/$1.

Other Major Currencies – Black Market Rates:

British Pound (GBP):

Buying: ₦2,125

Selling: ₦2,145

Euro (EUR):

Buying: ₦1,780

Selling: ₦1,800

Chinese Yuan (CNY):

Buying: ₦213.87

Selling: ₦214.01

CBN Official Rates (1st August 2025):

GBP:

Buying: ₦2,100.10

Selling: ₦2,101.46

EUR:

Buying: ₦1,790.76

Selling: ₦1,791.92

CNY:

Buying: ₦213.87

Selling: ₦214.01

Additionally, the Saudi Riyal (SAR) is officially quoted at:

Buying: ₦410.25

Selling: ₦410.51

Cryptocurrency Exchange Rates (as of 31st July 2025):

Bitcoin (BTC):

1 BTC = ₦152.3 million

₦1 = 0.000000078 BTC

Ethereum (ETH):

1 ETH = ₦2.9 million

₦1 = 0.00000034 ETH

Implications of Exchange Rate Disparities

The continued gap between official and black market exchange rates underscores deep-rooted challenges within Nigeria’s foreign exchange ecosystem.

This divergence reflects a weakened naira, limited forex supply, and mounting difficulties for individuals and businesses seeking foreign currencies for legitimate needs.

Exchange rates also vary across commercial banks and international money transfer platforms, creating arbitrage opportunities but introducing greater risk and uncertainty for businesses that rely on stable and affordable forex access.

Addressing these imbalances and fostering a more transparent, stable, and unified forex system remains a critical priority for Nigeria’s economic policy direction.