Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 29th August 2025
The parallel market, popularly known as the black market, continues to dictate the actual exchange rate for foreign currencies in Nigeria due to limited access to dollars at official windows.
As of today, Friday, 29th August 2025, the exchange rate for the US dollar to the naira stands at ₦1,550 per $1 in the black market. This figure is primarily sourced from reports by Bureau De Change (BDC) operators who remain key players in Nigeria’s informal forex system.
It is important to note that black market rates often differ sharply from the Central Bank of Nigeria’s (CBN) official exchange rate. The disparity arises from the persistent mismatch between the demand for foreign currencies and the limited supply made available through official channels.
As at today, while the black market is trading at ₦1,540 to ₦1,550 per dollar (buying and selling rates), the official CBN rate stands at ₦1,536 per $1. This wide gap underscores the pressure on the naira and reflects the broader economic challenges facing Nigeria.
The naira’s weakness in the black market is not only evident against the US dollar but also against other major foreign currencies.
For instance, in today’s trading, one British Pound Sterling exchanges for between ₦2,100 and ₦2,120, while one Euro trades within ₦1,780 and ₦1,800. These parallel market figures highlight the heavy depreciation of the naira, which is further worsened by inflation, forex scarcity, and policy uncertainties.
By comparison, at the official CBN window, the rates are slightly lower. Today, the CBN quotes the Pound Sterling at ₦2,077.04 (buying) to ₦2,078.39 (selling), and the Euro at ₦1,790.18 (buying) to ₦1,791.35 (selling).
Other currencies such as the Chinese Yuan are quoted officially at ₦213.29 to ₦213.43, while the Saudi Riyal trades at ₦408.07 to ₦409.34. The continuous differences between official and parallel market rates have created arbitrage opportunities, further complicating Nigeria’s forex situation.
Cryptocurrency also plays a growing role in Nigeria’s forex alternatives. As of today, Bitcoin is trading at approximately ₦172.1 million per 1 BTC, with one naira equivalent to about 0.0000200078 BTC. Ethereum, the second-largest cryptocurrency, is priced at ₦7.1 million per 1 ETH, meaning that one naira equals roughly 0.00000034 ETH.
The high adoption of digital currencies in Nigeria continues to provide an escape route for individuals and businesses struggling to access foreign exchange through conventional markets.
For those looking at practical transactions, the impact of the exchange rate is very clear. Exchanging $50 in the black market today yields about ₦77,000 at the buying rate of ₦1,540, or ₦77,500 at the selling rate of ₦1,550. Similarly, $100 gives ₦154,000 at the buying rate, or ₦155,000 at the selling rate. Such calculations show how quickly the naira loses value when converted to higher amounts.
For larger sums, the figures become even more striking. For example, $500 exchanged today will amount to ₦770,000 at the buying rate and ₦775,000 at the selling rate. Likewise, those exchanging $1,000 will receive ₦1,540,000 at the buying rate or ₦1,550,000 at the selling rate. These numbers are particularly important for business owners, importers, students studying abroad, and travelers who often need to buy or sell large sums of foreign currency.
The constant fluctuations in the naira-dollar exchange rate have far-reaching implications for Nigeria’s economy. Importers face rising costs of goods, inflationary pressures continue to build, and businesses struggle to plan effectively. At the same time, individuals who depend on remittances or need foreign exchange for tuition, healthcare, or travel face uncertainty.
With the CBN’s official rate still far from market realities, the reliance on the black market remains inevitable for many.
In summary, the black market dollar-to-naira exchange rate today, 29th August 2025, highlights the deepening challenges in Nigeria’s forex market. With the dollar trading at ₦1,550 in the parallel market compared to the official ₦1,536, the gap continues to expose the volatility of the naira. Until the structural issues of forex supply and economic stability are addressed, Nigerians are likely to continue experiencing significant pressure in accessing foreign exchange at reasonable rates.
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.
Related posts:
Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today – 11 August 2025
Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 16th August 2025
Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today – 18th August 2025
Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today – 26th August 2025
