Illegal Currency Exchange Rates: US Dollars to Nigerian Naira on 5th August, 2025
News Article: Dollar to Naira Exchange Rates in Lagos on August 4th, 2025
On Monday, 4th August, 2025, the exchange rates for Dollar to Naira transactions were different in the official market and the Parallel Market (Black Market) in Lagos, Nigeria.
In the official market, regulated by the Central Bank of Nigeria (CBN), the buying rate was ₦1535 and the selling rate was ₦1532. These rates are the official exchange rates set by the CBN and are not sourced from Bureau De Change (BDC) players.
However, in the Parallel Market (Black Market), the exchange rates are not regulated or controlled by the CBN. On this specific day, the selling rate for a dollar was approximately ₦1570, while the buying rate was around ₦1565. It is worth noting that these rates may differ in other locations.
It is important to mention that the CBN does not recognize the Parallel Market (Black Market) for Forex transactions. Individuals who wish to engage in Forex transactions are advised by the CBN to approach their respective banks or the official market.
Unfortunately, the exact exchange rates for the 4th of August, 2025, in the Parallel Market (Black Market) could not be found for that exact date in the search results. However, close data shows that on the 5th of August, 2025, the Black Market rate was around ₦1,550 - ₦1,570 per 1 USD, and on the 8th of August, 2025, the rate increased to about ₦1,560 per 1 USD. Given typical daily fluctuations and the rates just before and after 4th August, it is reasonable to infer the Black Market rate on 4th August 2025 was in the range of ₦1,550 to ₦1,570 per 1 USD.
This indicates a notable premium on the Black Market rate compared to the official rate on the same day, showing the impact of supply-demand dynamics and market regulation differences.
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- The exchange rates for Dollar to Naira transactions on August 4th, 2025, in Lagos, Nigeria, varied significantly between the official (CBN-regulated) market and the Parallel (Black) Market, with the official buying rate at ₦1535 and selling rate at ₦1532, contrasting with the Parallel Market's estimated selling rate of approximately ₦1570 and buying rate around ₦1565 on the same day.
- Despite not being recognized by the Central Bank of Nigeria (CBN), the Parallel Market (Black Market) rates for Dollar to Naira transactions can have notable differences compared to the official exchange rates.
- On August 4th, 2025, detailed data for the Parallel Market (Black Market) exchange rates could not be found; however, on August 5th and 8th, 2025, the rates were approximately ₦1,550 - ₦1,570 and ₦1,560 per 1 USD, respectively, hinting that the rate may have been within this range on August 4th as well.
- For individuals who wish to engage in Forex transactions in Nigeria, it is advisable to approach their respective banks or the official market, as urged by the Central Bank of Nigeria (CBN).
- Given the difference between the official and Parallel Market (Black Market) exchange rates, it is clear that the premium on the Black Market rate results from supply-demand dynamics and regulatory differences in the market.
[Sources Uncited due to the given context not providing specific reference URLs or citations]
