The exchange rate between the dollar and the naira in the Lagos parallel market (black market) stands as follows:
- Buying rate: N1655
- Selling rate: N1665
These rates were sourced from Bureau De Change (BDC) operators and may vary depending on location and transaction terms.
CBN Dollar to Naira Exchange Rate
- Highest Rate: N1558
- Lowest Rate: N1548
The Central Bank of Nigeria (CBN) does not recognize black market transactions, advising individuals seeking foreign exchange to approach their banks for official rates.
Union Bank Implements New PoS Withdrawal Limits
In compliance with a CBN directive issued on December 17, 2024, Union Bank has begun enforcing new daily and weekly withdrawal limits on point-of-sale (PoS) terminals.
- Daily Limit: ₦100,000
- Weekly Limit: ₦500,000
The CBN’s directive aims to tackle issues such as fraud, establish uniformity in operations, and address challenges within the financial sector.
In a communication to customers, Union Bank emphasized the availability of its ATMs and digital platforms for transactions, encouraging users to utilize services like UnionMobile, *826#, and UnionOnline for their banking needs.
This development follows the CBN’s sanctioning of nine banks on January 14, 2025, for failing to ensure sufficient cash availability through automated teller machines (ATMs) during the festive season.
- Forex rates in the parallel market often differ from official rates and can vary by location or transaction size.
- Customers are encouraged to use digital banking channels for convenience and compliance with the new withdrawal limits.
- The CBN continues to regulate and enforce measures to streamline Nigeria’s financial operations.
For updated rates or more details, consult your financial institution or authorized BDC operators.
