Dollar To Naira Exchange Rate Today

Dollar To Naira Exchange Rate Today – July 24, 2025
Forex scarcity still pushing demand to black market
Official–parallel gap affecting daily economic activities

EDITOR’S PICKS

EKO HOT BLOG reports that official and black markets, as forex scarcity and economic uncertainties continue to influence market behavior. Despite efforts by the Central Bank of Nigeria (CBN) to stabilize the official window, the gap between official and parallel rates remains significant.

Below is a breakdown of today’s exchange rates:

Market Type	Buying Rate	Selling Rate
Black Market	₦1,610	₦1,615
Official (CBN/NFEM)	₦1,529	₦1,529

In the black market, the dollar sold for ₦1,615 and bought at ₦1,610, reflecting no major change from Wednesday’s figures. Meanwhile, the CBN’s official rate hovered around ₦1,529 to the dollar, consistent with recent trends.

The continued disparity between the official and parallel market rates highlights ongoing challenges in Nigeria’s forex supply chain. Despite reforms introduced earlier in the year, dollar access remains limited for many Nigerians, pushing them towards the black market where rates are higher and less predictable.

For individuals and businesses relying on foreign transactions, these fluctuations pose financial strain. Importers, students abroad, and SMEs in need of forex often have no choice but to patronize the black market, where rates are largely dictated by demand and speculation.