Black Market/CBN Exchange Rate Today, 31st July 2025
As of 31st July 2025, the exchange rate for the US dollar (USD) to Nigerian naira (NGN) on the parallel market, commonly known as the black market, stands at ₦1,550 per $1.
This rate is based on figures obtained from Bureau De Change (BDC) operators.
Black Market Rates Today:
USD/NGN:
Buying: ₦1,540
Selling: ₦1,550
Due to the volatile nature of the parallel market, these rates are subject to fluctuations throughout the day, driven by economic factors, speculative demand, and fiscal or monetary policy shifts.
In contrast, the Central Bank of Nigeria (CBN) maintains a lower official exchange rate. Today, the official CBN rate for the US dollar is ₦1,534 per $1.
Other Major Currencies (Black Market):
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 (Today):
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 (31st July 2025)
Beyond traditional currencies, cryptocurrency values also show significant movements:
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 persistent gap between the official and black market rates highlights enduring challenges within Nigeria’s foreign exchange landscape. These disparities point to a weakened naira, limited forex supply, and increasing difficulties for individuals and businesses in accessing foreign currencies for genuine transactions.
Exchange rates may also vary across commercial banks and international money transfer platforms, contributing to arbitrage opportunities but compounding risks for businesses that rely on consistent and affordable forex access.
Addressing these imbalances and ensuring greater forex stability remains a pressing priority for Nigerian economic policymakers.
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.
