Aboki Naira to Dollar Black Market Exchange Rate Today, 3rd August 2025

As of today, Sunday, August 3, 2025, Bureau De Change (BDC) operators in major markets such as Lagos, Abuja, Kano, and Port Harcourt are quoting the dollar at an average buying rate of ₦1550 and a selling rate of ₦1555, according to sources at BDCs.

This rate remains unchanged from Saturday, August 2, 2025, when the dollar was also bought at ₦1550 and sold at ₦1555 in the parallel market, reflecting a period of relative stability in the black market rates.

However, these figures are notably higher than the official Central Bank of Nigeria (CBN) rates, which continue to face pressure due to limited foreign currency supply. The CBN does not recognise the black market and has repeatedly urged individuals and businesses to conduct foreign exchange transactions through authorised banks and licensed financial institutions.

The persistent gap between the official and black market rates is driven by high demand for dollars, fueled by importation needs, international travel, and educational expenses abroad. The limited availability of foreign currency through official channels has prompted many Nigerians to turn to the parallel market, where transactions are faster but come with higher costs. For instance, converting $100 today would yield approximately ₦155,000 when selling, while buying $100 would cost around ₦155,500.

Analysts note that the naira’s value in the black market is subject to daily fluctuations, influenced by forex availability, economic sentiment, and local demand. “The black market remains a vital part of Nigeria’s forex ecosystem due to structural challenges in the official market,” said Chinedu Okeke, a Lagos-based financial analyst. “Until export revenues increase and the CBN boosts forex reserves, we’ll continue to see pressure on the naira.”

Nigerians are advised to verify rates with trusted local dealers before engaging in transactions, as black market rates can vary slightly by location, volume, and dealer.

The CBN continues to emphasize the risks of black market transactions, advocating for greater transparency through regulated channels. However, for many Nigerians, the parallel market remains a necessary avenue for accessing foreign currency in a challenging economic climate.

Note: Black market rates are unofficial and subject to change multiple times daily. Always confirm with reliable sources before making transactions.