Dollar Nears ₦1,600! Naira Faces Black Market Heat Despite CBN Warning

As of Saturday, August 2, 2025, the exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) in the parallel market continues its upward trend, with a dollar being bought at ₦1,550 and sold at ₦1,555, according to information obtained from sources operating within the Lagos Bureau De Change segment.

This rate reflects ongoing pressure on the naira in the unregulated currency market, commonly referred to as the black market. Market observers told IREPORTER ONLINE that fluctuations remain influenced by persistent demand for foreign currency amid limited supply, particularly among individuals and small-scale importers.

Despite the prevalence of black market transactions, the Central Bank of Nigeria (CBN) maintains its stance against the parallel market, reiterating that only transactions conducted through authorized financial institutions are considered legitimate. The official CBN rate currently fluctuates between ₦1,532 and ₦1,535 per dollar.

However, analysts caution that these figures may vary slightly depending on location, transaction volume, and negotiation strength. Members of the public engaging in foreign exchange dealings are advised to exercise due diligence, as prices may differ from publicly quoted averages.