The Naira showed slight improvement against major foreign currencies in the parallel market today, Wednesday, July 23, 2025, as forex traders adjusted prices amid stabilizing demand and continued liquidity challenges.
According to street traders surveyed by Okay.ng, the Dollar to Naira exchange rate in the black market is currently ₦1,520 per $1 for buying and ₦1,535 per $1 for selling. This reflects a mild gain for the Naira compared to the previous day’s rates.
In the same parallel market:
- The British Pound (GBP) is being bought at ₦2,088 and sold at ₦2,120.
- The Euro (EUR) is trading at ₦1,750 for buying and ₦1,785 for selling.
Okay.ng reports that these rates were sourced from active BDC operators in Lagos and Abuja, who noted moderate demand for foreign currency, particularly from importers and students paying international tuition.
While the official exchange rate at the Investors’ and Exporters’ (I&E) window remains significantly lower, many Nigerians continue to rely on the black market due to its accessibility and faster processing.
Market watchers say the marginal improvement in the Naira may be linked to recent policy signals from the Central Bank of Nigeria and efforts to inject FX liquidity into the banking system.
Okay.ng advises users to exercise caution when dealing with parallel market operators and to verify daily exchange rates from trusted platforms.
Stay connected with Okay.ng for daily verified updates on the Dollar to Naira exchange rate and other key forex trends.
