The Naira weakened marginally in the parallel market today, Thursday, July 31, 2025, as demand for foreign currencies remained strong across major commercial cities, especially Lagos and Abuja.
According to market data gathered by Okay.ng, the Dollar to Naira exchange rate in the black market stood at ₦1,540 per $1 for buying and ₦1,550 per $1 for selling, indicating a slight dip in the local currency’s strength compared to the previous day’s trading.
Rates for other major currencies in the parallel market are as follows:
- The British Pound (GBP) is currently bought at ₦2,095 and sold at ₦2,125.
- The Euro (EUR) trades at ₦1,780 for buying and ₦1,800 for selling.
Okay.ng reports that these rates are based on findings from credible forex dealers in the black market and reflect the realities of Nigeria’s unofficial currency ecosystem, where many individuals and businesses turn due to limited access to foreign exchange via official banks.
Despite ongoing policy efforts by the Central Bank of Nigeria (CBN) to stabilize the official window, the parallel market remains the go-to source for FX due to faster access and fewer restrictions.
Forex traders who spoke with Okay.ng noted that demand from importers, students, and travelers continues to drive the naira’s performance in the unofficial market, with little relief in sight unless liquidity improves.
Nigerians are advised to stay updated daily and only trade through trusted sources to avoid potential fraud or exploitation.
Keep following Okay.ng for real-time updates on the Dollar to Naira exchange rate and other forex trends affecting the Nigerian economy.
