Black Market Dollar (USD) to Naira (NGN) Exchange Rate Today — Wednesday, 22nd October 2025

As of Wednesday, 22nd October 2025, the exchange rate between the United States dollar (USD) and the Nigerian naira (NGN) in the parallel, or black market, remains volatile amid ongoing economic pressures. The dollar is currently trading at ₦1,480 for buying and ₦1,500 for selling, according to figures from Bureau De Change (BDC) operators in Lagos and Abuja.

These rates, which fluctuate daily depending on shifts in supply and demand, are often seen as a more realistic reflection of forex availability across the country.

In comparison, the Central Bank of Nigeria (CBN) maintains its official exchange rate at ₦1,464 for buying and ₦1,470 for selling. The persistent gap between official and parallel market rates highlights the continued pressure on the naira and the structural challenges facing 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 many importers, travellers, and small business operators, the black market remains the only viable avenue for sourcing dollars, despite government efforts 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. Similar slight variations are seen for the Chinese yuan and Saudi riyal, reflecting broader inconsistencies in Nigeria’s currency management.

Meanwhile, interest in cryptocurrencies continues to grow, especially among young investors and digital entrepreneurs. As of this report, Bitcoin (BTC) is valued at around ₦172.7 million per coin, with one naira equivalent to approximately 0.000020008 BTC, while Ethereum (ETH) trades at roughly ₦6.9 million per coin, or 0.00000034 ETH per naira. The increasing adoption of digital currencies underscores Nigerians’ search for alternatives to traditional forex channels and a hedge against the weakening naira.

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 approximately ₦152,500 when sold and costs ₦153,500 when bought.

A larger transaction of five hundred dollars would bring in roughly ₦762,500 on the buying side and ₦767,500 on the selling side, while one thousand dollars translates to about ₦1,525,000 and ₦1,535,000, respectively.

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.

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