The exchange rate between the US Dollar and the Nigerian Naira continues to put pressure on the local currency as the dollar sold for as high as ₦1,540 in the black market on Tuesday, July 23, 2025.

According to information gathered from traders at the Lagos Parallel Market, popularly known as Aboki FX, the dollar was bought at ₦1,535 and sold at ₦1,540. These figures show that the naira is still battling to gain strength amid Nigeria’s ongoing economic challenges.

It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market or parallel market rates.

 The apex bank has consistently advised individuals or businesses needing foreign exchange to approach their respective commercial banks.

⚖️ Exchange Rate Breakdown:

Although the official CBN rates remain slightly more stable, they are not always accessible to the average Nigerian or small business, which is why many still rely on the parallel market despite its volatility and risks.

As the naira continues to fluctuate, many Nigerians are closely watching the forex market for signs of stability or further decline.

 Economists have called for urgent economic reforms and improved forex supply to reduce pressure on the local currency.