The exchange rate between the US dollar and the Nigerian naira saw a marginal shift in the Lagos parallel market on Monday, July 7, 2025. According to Bureau De Change (BDC) operators, the dollar was bought at approximately ₦1,550and sold at ₦1,565, reflecting continued pressure on the local currency outside official channels.
While these rates dominate informal market activity, the Central Bank of Nigeria (CBN) maintains its stance against the black market, reiterating that it does not recognize parallel market rates for foreign exchange transactions. The apex bank continues to urge individuals and businesses to utilize official channels such as commercial banks and licensed BDCs.
Exchange Rate Breakdown:
Parallel (Black Market) Rates
Buying Rate: ₦1,550 per USD
Selling Rate: ₦1,565 per USD
Official CBN Rates
Highest Rate: ₦1,531 per USD
Lowest Rate: ₦1,520 per USD
The official CBN rates reflect recent benchmarks from Nigeria’s regulated foreign exchange market. However, discrepancies between the official and parallel markets remain a challenge for the economy, as demand for dollars continues to outpace official supply.
Experts attribute the fluctuations in the FX market to a combination of factors, including dollar scarcity, speculative trading, inconsistent supply lines, and broader macroeconomic pressures.
Analysts warn that until there is improved stability in the FX market and greater liquidity at the official window, many Nigerians may continue to rely on black market sources despite regulatory warnings.
Disclaimer: The rates provided are for informational purposes only. Actual buying or selling prices may vary based on location, transaction size, and dealer discretion.
