Economy

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today – 18th August 2025

BySodiq Lawal

PublishedAugust 18, 2025

As of Monday, 18th August 2025, the exchange rate for the United States Dollar (USD) to the Nigerian Naira (NGN) in the parallel market, commonly referred to as the black market, is pegged at ₦1,560 per $1.

Reports from Bureau De Change (BDC) operators indicate that the dollar is being bought at ₦1,550 and sold at ₦1,560.

The rate in the parallel market continues to differ significantly from the official figure provided by the Central Bank of Nigeria (CBN).

Today, the CBN rate for the dollar stands at approximately ₦1,532 per $1, showing a notable gap between both markets. This disparity is largely driven by persistent forex shortages, demand pressures, and economic uncertainties.

In the black market, the British Pound Sterling is exchanged at ₦2,090 for buying and ₦2,120 for selling, while the Euro trades at ₦1,770 for buying and ₦1,790 for selling. At the official CBN window, however, the Pound is quoted around ₦2,077 to ₦2,078, the Euro hovers around ₦1,790 to ₦1,791, while the Chinese Yuan exchanges for about ₦213, and the Saudi Riyal for roughly ₦408 to ₦409.

The cryptocurrency market also paints its own picture. At the time of reporting, one Bitcoin (BTC) is valued at about ₦182.6 million, while one Ethereum (ETH) is priced at roughly ₦6.9 million. In naira terms, one naira converts to about 0.000020 BTC and 0.00000034 ETH respectively.

It is noted that the forex market in Nigeria is fragmented across multiple windows, including the official CBN rate, commercial bank rates, international money transfer operators, and the parallel market. This lack of uniformity has created opportunities for arbitrage, but at the same time has intensified difficulties for individuals and businesses in need of foreign currency for genuine transactions.

The volatility of the black market means that rates are subject to change multiple times within the same day, influenced by inflationary pressures, speculation, government policies, and broader economic conditions.

For importers, travellers, students, and small business owners, this poses significant challenges as the cost of securing foreign exchange continues to rise.

For context, those exchanging $50 in the black market today will receive about ₦77,500 at the buying rate of ₦1,550 or pay ₦78,000 at the selling rate of ₦1,560. Exchanging $100 yields ₦155,000 for sellers and ₦156,000 for buyers. A transaction of $500 gives ₦775,000 at the buying rate and ₦780,000 at the selling rate, while $1,000 is equivalent to ₦1,550,000 for sellers and ₦1,560,000 for buyers.

These figures highlight how the weakness of the naira affects both small and large transactions. Students paying foreign tuition, travellers making overseas trips, and businesses relying on imported goods and raw materials are all grappling with higher costs in naira terms.

In conclusion, the persistent gap between the CBN’s official rate and the black market underscores the fragility of Nigeria’s forex system. Unless dollar supply improves through increased exports, foreign inflows, or stronger investor confidence, the naira will remain under pressure, and the volatility in exchange rates will continue to affect the daily lives of Nigerians.

Sodiq Lawal

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.