The naira recorded a slight drop against major foreign currencies in the parallel market today, Thursday, August 7, 2025, as demand for dollars and other hard currencies continues to outweigh supply.
Checks by Okay.ng show that the Dollar to Naira black market rate now stands at ₦1,550 per $1 for buying and ₦1,570 per $1 for selling. This marks a modest depreciation compared to recent rates as the market reacts to increased forex requests from importers and travelers.
Rates for other major currencies in the parallel market today are:
- British Pound (GBP) – ₦2,088 (buy) / ₦2,130 (sell)
- Euro (EUR) – ₦1,765 (buy) / ₦1,803 (sell)
According to currency dealers in Lagos and Abuja, the slight uptick in rates is being driven by seasonal demand ahead of upcoming international travel periods and sustained pressure from business-related forex needs.
The official market rate, managed by the Central Bank of Nigeria (CBN), remains significantly lower, but limited access to dollars through official channels keeps many Nigerians turning to the black market for quicker transactions.
Market watchers note that without a substantial injection of forex liquidity, the naira is likely to remain under pressure in the coming days.
Stay connected with Okay.ng for daily updates on the Dollar to Naira exchange rate and other key forex market trends affecting Nigeria’s economy.
