Dollar to Naira Black Market Rate July 29

• Dollar to Naira Black Market Rate July 29

• CBN urges Nigerians to use official banks for forex.

• Exchange rates vary slightly by location and volume.

The Nigerian Naira continues to struggle against the US Dollar at the parallel market, with rates maintaining pressure as demand for foreign exchange remains high.

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EKO HOT BLOG reports that on Monday, July 28, 2025, the dollar traded at ₦1,535 for buying and ₦1,540 for selling at the Lagos black market, popularly known as the Aboki FX or parallel market. This is according to reports from Bureau De Change (BDC) operators in major financial hubs.

These figures represent a relatively stable position compared to recent weeks, where the exchange rate has seen intermittent fluctuations due to economic uncertainties and forex supply constraints.

Despite the popularity of the black market for forex transactions, the Central Bank of Nigeria (CBN) continues to distance itself from the parallel market. The apex bank insists that individuals and businesses seeking foreign exchange should go through official banking channels, reiterating that the black market is unregulated and should not be relied upon for official transactions.

Meanwhile, the CBN’s official rates for the same day reflected slightly lower values, with the highest rate recorded at ₦1,535 and the lowest at ₦1,532.

It is important to note that exchange rates may vary slightly depending on location, transaction volume, and negotiation. Forex dealers advise customers to confirm rates before concluding any transactions to avoid losses.

The persistent gap between the black market and official rates continues to highlight Nigeria’s ongoing foreign exchange challenges, driven by high demand, limited supply, and broader macroeconomic issues.

Black Market Rate (July 28, 2025):

• Buying: ₦1,535

• Selling: ₦1,540

CBN Official Rate (July 28, 2025):

• High: ₦1,535

• Low: ₦1,532

  

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