Naira to Dollar Exchange Rate Today : Black Market & Official Rate for Dollar

Naira to Dollar Exchange Rate Today : Black Market & Official Rate for Dollar- This article gives latest information on changing naira to dollar or dollar to naira through black market or bank.

What is Black Market

It is a term used to describe currency transactions that take place at unofficial exchange rates in a fixed exchange rate system.

During the past week, the exchange rate of Nigerian naira to US dollars has fluctuated between a high of 0.001 on July 1st 2025 and a low of 0.001 on 26th June 2025. The largest 24-hour price movement occurred on 01-07-2025, with a 0.877% increase in value.

As of today, the Nigerian naira trades at distinctly different values in the official CBN window and the black (parallel) market, reflecting broader economic pressures and forex liquidity constraints.

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Official Exchange Rate in Nigeria

• According to the Central Bank of Nigeria (CBN), the selling rate stands at ₦1,529.58/USD, with the buying rate at ₦1,528.58/USD

• Data from Nairametrics corroborates, reporting the official market rate at ₦1,527/USD, after a minor gain of ₦5 from ₦1,532

Due to trading volumes at this CBN window suggest slight confidence, but with underlying pressures. Over the month of June, the official rate dropped from ₦1,581 to around ₦1,529,which almost stabilized the naira.

Black Market / Parallel Rate

• On the parallel market, the rate hovered between ₦1,555 and ₦1,560 per USD, with an average of ₦1,560 as of July 2

  Economic Confidential reported dealers offering ₦1,550 (buying) and ₦1,560 (selling)

Mid-Market (Interbank) Indication

• Wise (formerly TransferWise) provides a mid-market rate of ₦1,543.21/USD as of this month of July

• The rate fluctuated between ₦1,543.21 and ₦1,560.16 over the previous week.

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Implications for Individuals & Businesses

Traders & Importers

• Higher parallel rates increase import costs when using informal channels.

• Exporters receive more local currency for their dollars, benefiting from higher black-market values.

Diaspora & Remittances

• Recipients earn more when withdrawing from P2P or black market sources.

• Banks and mobile money platforms operating with official rates may offer fewer Naira for each dollar.

How to Get Tips for the Best Rate

1. By taking statistics and Comparing Daily: Monitor both CBN and parallel rates—use these figures:

   Official: ₦1,529.6/USD and Parallel: ₦1,560/USD

2. Use Reputable Channels

3. Watch CBN Policies

4. Time Your Transactions

Summary Table: Exchange Rates Today