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Lagos, Nigeria – The Nigerian naira opened trading on Monday, July 7, 2025, with slight volatility against the US dollar across both official and unofficial foreign exchange markets. Market watchers report moderate shifts in buying and selling prices as forex supply remains constrained.
TJ News Nigeria reports that the dollar exchanged at an average rate of ₦1,547.70 per $1 on major online currency platforms early today, reflecting fluctuations in demand and supply dynamics over the past week.
Official Market Rate
As of Monday morning, the Central Bank of Nigeria (CBN) was yet to update its official foreign exchange rate for the day. However, in recent weeks, the CBN rate has hovered close to market-driven benchmarks, following ongoing reforms in the forex regime.
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- Previous CBN NFEM benchmark: ₦1,523–₦1,530 per USD
- Today’s unofficial online average: ₦1,547.70 per USD
The Federal Government continues to implement monetary policies aimed at stabilising the exchange rate amid inflation and declining external reserves.
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Parallel Market and Black Market Rates
TJ News Nigeria learnt that in parts of Lagos, Abuja, Kano, and Port Harcourt, the dollar traded on the parallel market between ₦1,560 and ₦1,580, depending on volume and location.
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Currency dealers at Lagos’ Ikeja and Abuja’s Wuse Zone 4 reported:
- Buy Rate: ₦1,555–₦1,565 per USD
- Sell Rate: ₦1,570–₦1,580 per USD
Traders attribute this spread to speculative hoarding and limited dollar availability from official sources.
Bureau De Change (BDC) Rate Update
Some Bureau De Change operators confirmed to TJ News Nigeria that rates remained high, particularly as importers and students continue to seek forex for essential payments.
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- BDC Buy Rate: ₦1,550
- BDC Sell Rate: ₦1,575
Operators expressed concern over delays in accessing FX from authorized dealer banks, noting this was contributing to price inflation across consumer goods and services.
Online Platform Rates (Mid-Market)
Currency tracking platforms such as Wise and Exiap pegged the mid-market exchange rate at ₦1,547.70 per US dollar as of 9:00 am WAT today.
- Wise Rate: ₦1,547.70/USD
- Exiap Rate: ₦1,547.70/USD
- Average Weekly Range: ₦1,529 – ₦1,543
- Monthly Average: ₦1,550
These rates are typically used for digital money transfers and are often slightly lower than physical market rates due to minimal markup.
Summary Table – July 7, 2025
| Market Segment | Buy (₦) | Sell (₦) |
|---|---|---|
| CBN Official Rate | N/A | N/A |
| Parallel Market | 1,555 | 1,580 |
| Bureau De Change (BDC) | 1,550 | 1,575 |
| Online Transfer Rate | 1,547.70 | 1,547.70 |
What’s Driving the Rate?
Analysts attribute today’s naira depreciation to:
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- Limited forex inflow from oil exports and remittances.
- Persistent inflation, currently over 30%, eroding currency value.
- Demand pressure from importers, students, and travelers.
The Nigerian Economic Summit Group (NESG) has urged the federal government to improve dollar liquidity by diversifying revenue and boosting exports.
Forex Forecast
Experts predict that unless the CBN intervenes with fresh liquidity or Nigeria records higher foreign inflows, the naira may continue to depreciate gradually in both official and parallel markets.
Investors and traders are advised to monitor market movements closely and make use of reliable transfer platforms offering competitive exchange rates.
For daily updates on dollar to naira trends, visit the Currency Tracker section on TJ News Nigeria.
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