Illegal Currency Conversion: US Dollar (USD) to Nigerian Naira (NGN) Black Market Exchange Rate on 31st July 2025

Illegal Currency Conversion: US Dollar (USD) to Nigerian Naira (NGN) Black Market Exchange Rate on 31st July 2025

Dollar-Naira Exchange Rate in Lagos's Black Market, July 30, 2025

On Wednesday, 30th July, 2025, the exchange rate for the US dollar in Lagos's Parallel Market (also known as the Aboki fx) stood at approximately ₦1,550 per 1 US Dollar. This rate, provided by sources at Bureau De Change (BDC), is significantly higher than the official Central Bank of Nigeria (CBN) rates.

The buying rate for a dollar in the Black Market was ₦1545, while the selling rate was ₦1550. These rates are subject to change based on factors such as supply and demand, political and economic conditions, and differences from official rates regulated by the CBN.

It's worth noting that the official rates as of the same date were around ₦1,532 per USD, indicating a premium in the parallel market. The CBN has directed individuals who wish to engage in Forex to approach their respective banks, not the Parallel Market.

While the Black Market can offer a more competitive rate, it's important to exercise caution when dealing in this market due to the risks of scams and its unregulated nature. Rates may vary slightly between different dealers or locations in Lagos, but ₦1,550 is a commonly reported average for this date.

The Central Bank of Nigeria does not recognize the Parallel Market, and it's essential to be aware of the associated risks when engaging in transactions there.

[1] Source: Nairametrics [2] Source: Punch Nigeria [3] Source: The Guardian Nigeria

1. The dollar-naira exchange rate in Lagos's Parallel Market (also known as the Aboki fx) was reported to be ₦1,550 per 1 US Dollar on July 30, 2025, according to sources at Bureau De Change (BDC).
2. Contrastingly, the official exchange rate as of the same date, regulated by the Central Bank of Nigeria (CBN), was around ₦1,532 per USD.
3. On the Black Market, the buying rate for a dollar was ₦1545, and the selling rate was ₦1550, while the CBN has advised individuals to approach their respective banks for Forex-related transactions instead.
4. In the unregulated nature of the Black Market, it is vital to exercise caution due to the risks of scams, and it's essential to be aware that the Central Bank of Nigeria does not recognize this market.

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