Naira Faces the Dollar: Parallel Market Rate Fixed at ₦1,545 Despite Official Pushback

The exchange rate between the United States dollar and the Nigerian naira at the parallel market, also known as the black market, has shown relative stability as of Monday, July 28, 2025. According to market insights gathered by iReporter Online, black market currency dealers in Lagos are currently purchasing dollars at ₦1,540 and selling at ₦1,545.

These rates remain consistent with weekend figures recorded on Sunday, July 27, when traders bought at ₦1,540 and sold at ₦1,545. Market sources from Bureau De Change (BDC) operators confirm the continued narrow spread in buying and selling rates, reflecting moderate liquidity and reduced speculative activity within informal trading hubs.

While the Central Bank of Nigeria (CBN) has repeatedly emphasized that it does not recognize the parallel market for foreign exchange transactions, it maintains that legitimate forex requests should be channelled through official banking institutions. Nonetheless, the black market remains an influential benchmark for pricing in the wider economy, particularly for small businesses and individuals with limited access to formal forex channels.

As of Monday, official CBN rates place the dollar between ₦1,534 and ₦1,536. However, these figures often vary from real-world market dynamics due to access restrictions and demand fluctuations.

Analysts believe the current exchange rate range reflects a temporary equilibrium between demand and supply, though volatility remains a risk given global economic pressures and ongoing adjustments within Nigeria’s monetary framework.

Currency traders advise buyers and sellers to remain alert to possible price shifts, as rates can vary across locations and times of day.