The naira weakened further against the US dollar in the parallel market today, Friday, August 1, 2025, as rising demand for foreign currency continued to put pressure on Nigeria’s local currency.
According to verified updates from currency traders, the Dollar to Naira black market rate now stands at ₦1,550 per $1 for buying and ₦1,565 per $1 for selling. This marks a slight depreciation of the naira compared to yesterday’s rates.
The parallel market also recorded the following rates for other key currencies:
- British Pound (GBP) is being bought at ₦2,095 and sold at ₦2,125.
- Euro (EUR) is exchanged at ₦1,780 for buying and ₦1,800 for selling.
Okay.ng reports that forex dealers in Lagos and Abuja attributed the rising rates to persistent scarcity of dollars, increased demand from importers, and uncertainty surrounding FX policies.
Despite efforts by the Central Bank of Nigeria (CBN) to stabilize the official market, the black market continues to serve as the dominant source of foreign exchange for many Nigerians, especially those who cannot access FX through formal banking channels.
Traders advise customers to verify current rates and deal with trusted BDC operators to avoid scams or inflated rates, especially as volatility remains high in the unofficial forex segment.
Okay.ng will continue to provide daily updates on the Dollar to Naira exchange rate, helping Nigerians stay informed and make better currency decisions.
