The naira traded at ₦1,560 to the U.S. dollar in the Lagos parallel market on Sunday, August 3, 2025, according to Bureau De Change (BDC) operators. Black market traders were buying dollars at ₦1,555 and selling at ₦1,560.
This rate is slightly higher than the official Central Bank of Nigeria (CBN) rate, where the dollar traded between ₦1,532 and ₦1,535. The CBN has repeatedly warned that it does not recognise the black market, urging individuals and businesses seeking foreign exchange to use official banking channels.
The continued gap between the parallel market and official rates reflects ongoing foreign exchange shortages in Nigeria. Traders say demand for dollars remains high, driven by importers, travellers, and individuals seeking to hedge against further naira depreciation.
Analysts warn that unless dollar inflows increase and supply stabilises, the naira could face further pressure in both the official and unofficial markets in the coming weeks.
