The naira opened the week on a relatively steady footing, and traders across Lagos, Abuja and Port Harcourt continued to watch both the official and parallel markets closely. Consequently, importers, students and everyday Nigerians are adjusting their budgets as the gap between the two markets persists. Below, we break down today’s official exchange rate, the black market rate, and the latest movements in major cryptocurrencies.
Naira exchange rate today — Official CBN Exchange Rate Today
According to data from the Central Bank of Nigeria’s official window, the naira traded at approximately ₦1,382.33 to the dollar on the Nigerian Foreign Exchange Market (NFEM) today. This figure represents a slight adjustment from the ₦1,379.62 recorded on July 10, and it shows that the official rate has remained fairly stable in recent sessions. Meanwhile, the table below lists the official rates for other major currencies against the naira.
| Currency | Code | Buying (₦) | Selling (₦) | Trend |
|---|---|---|---|---|
| US Dollar | USD | 1,378.00 | 1,382.33 | ▲ |
| British Pound | GBP | 1,845.00 | 1,852.10 | ▲ |
| Euro | EUR | 1,548.00 | 1,554.60 | ▼ |
| Canadian Dollar | CAD | 1,002.00 | 1,008.40 | ▲ |
| Chinese Yuan | CNY | 190.50 | 192.10 | ▲ |
| South African Rand | ZAR | 75.10 | 76.40 | ▼ |
Rates reflect the CBN/NFEM benchmark window and may shift slightly by close of trading.
Black Market (Parallel Market) Rates Today
Outside the banking system, dealers continued to quote higher figures for the dollar, and this gap keeps widening as demand for foreign exchange outstrips supply among businesses that cannot access official channels. As a result, the parallel market, widely known as the black market or “aboki” rate, remains the go-to reference for everyday transactions. Today, dealers in Lagos and Abuja quoted the dollar at roughly ₦1,410 for buying and ₦1,425 for selling, though rates naturally vary from one location and dealer to another.
| Currency | Code | Buying (₦) | Selling (₦) | Trend |
|---|---|---|---|---|
| US Dollar | USD | 1,410.00 | 1,425.00 | ▲ |
| British Pound | GBP | 1,860.00 | 1,890.00 | ▲ |
| Euro | EUR | 1,580.00 | 1,600.00 | ▲ |
| Canadian Dollar | CAD | 1,020.00 | 1,045.00 | ▲ |
| UAE Dirham | AED | 375.00 | 390.00 | ▼ |
| Chinese Yuan | CNY | 193.00 | 198.00 | ▲ |
Parallel market rates come from dealer quotes in Lagos, Abuja and Kano and can change hourly. Always confirm rates with a licensed BDC before transacting, since street rates carry risk.
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Crypto Rates Today
Meanwhile, Nigerians who trade stablecoins and major cryptocurrencies to hedge against naira volatility saw mixed movement in the digital asset market today. Bitcoin held above the $64,000 mark, while Ethereum hovered near $1,810. Furthermore, stablecoins like USDT and USDC continued trading close to parity with the dollar, which explains why many P2P traders quote crypto rates as a proxy for black market dollar rates.
| Asset | Symbol | Price (USD) | 24h Change |
|---|---|---|---|
| Bitcoin | BTC | $64,028.66 | -0.42% |
| Ethereum | ETH | $1,807.51 | -0.11% |
| Tether | USDT | $1.00 | +0.01% |
| USD Coin | USDC | $1.00 | -0.01% |
| BNB | BNB | $580.40 | -0.16% |
| XRP | XRP | $1.10 | -1.42% |
| Solana | SOL | $77.14 | -1.64% |
Crypto prices reflect USD spot values and fluctuate continuously; always verify live rates before trading.
What’s Driving the Naira Today
Several factors continue to shape today’s currency movement. Rising crude prices, pushed up by tensions in the Middle East, are lifting Nigeria’s export revenue outlook, and this in turn offers modest support to the naira. However, persistent demand for dollars among importers keeps pressure on the parallel market, and this pressure explains why the gap between the official and black market rates has not closed. Additionally, analysts expect the CBN to maintain its current intervention strategy in the coming days, since inflation concerns still weigh on policy decisions.
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