As of Sunday, December 22, 2024, the exchange rate for the U.S. dollar to the Nigerian naira in the Lagos parallel market (commonly referred to as the black market) is as follows:
- Buying Rate: ₦1670
- Selling Rate: ₦1680
These rates were provided by sources at Bureau De Change (BDC) operating within the Lagos area.
Central Bank of Nigeria (CBN) Official Rates
It’s important to note that the Central Bank of Nigeria (CBN) does not officially endorse the parallel (black) market. For forex transactions, the CBN has directed individuals to approach their respective banks. The official exchange rates set by the CBN are as follows:
- Highest Rate: ₦1570
- Lowest Rate: ₦1532
The official rates reflect the CBN’s handling of foreign exchange transactions, but they can differ significantly from the rates in the parallel market.
Important Note on Forex Rates
Forex rates, whether in the official market or black market, are subject to fluctuations, and the rates you encounter may vary depending on the specific location and the trader or financial institution involved. Always verify the current exchange rate with reliable sources before making any transactions.
