By Abdulkadir Ahmad (U19MM1083)
Zaria, Nigeria – August 1, 2025 – The Nigerian Naira remained stable in the official market this week, with Central Bank of Nigeria (CBN) rates showing minimal fluctuation, while black market rates reflected a premium, according to Nairatoday.com and Aboki Forex. The US Dollar, British Pound, Euro, and Canadian Dollar highlight ongoing changes in Nigeria’s forex market.
Dollar to Naira
The black market USD/NGN rate stands at ₦1,565 (selling) and ₦1,550 (buying) in Lagos, Abuja, Port Harcourt, and Kano, per Nairatoday.com, with Aboki Forex reporting similar rates (₦1,555/₦1,565). The CBN’s official rate closed at ₦1,534 on July 31, a ~2% gap, with stable rates (~₦1,532–1,537) from July 28–31, reflecting CBN interventions.
Pound to Naira
The British Pound (GBP) trades at ₦2,125 (selling) and ₦2,090 (buying) on the black market, according to Nairatoday.com, which aligns with Aboki Forex (₦2,095/₦2,120), driven by demand for remittances and trade.
Euro to Naira
The Euro (EUR) is quoted at ₦1,800 (selling) and ₦1,763 (buying), per Nairatoday.com, supported by Aboki Forex (₦1,770/₦1,795), reflecting European trade and travel needs.
Canadian Dollar to Naira
The Canadian Dollar (CAD) records ₦1,134 (selling) and ₦1,123 (buying), per Nairatoday.com, with Aboki Forex slightly higher (₦1,150/₦1,200), indicating interest in Canadian transactions.
Market Dynamics
Nairatoday.com and Aboki Forex highlight black market rate variations due to their unregulated nature. The CBN’s USD rate stability (~0.3% fluctuation, slight appreciation to ₦1,534 by July 31) contrasts with the black market’s ~2% premium, driven by FX shortages and inflation. Aboki Forex’s reliability reinforces these trends.
Implications
While the Naira holds steady in the official market, the black market premium raises import costs, fueling inflation. Nairatoday.com and Aboki Forex recommend reputable Bureau De Change operators and real-time monitoring. The parallel market remains vital yet volatile in 2025.
Sources: Nairatoday.com, Aboki Forex, August 1, 2025; CBN NFEM Rates, July 28–31, 2025