As of Friday, January 24, 2025, the dollar to naira exchange rate in the Lagos parallel market (commonly referred to as the black market) indicates that players are buying a dollar at ₦1,650 and selling it for ₦1,660, according to sources within the Bureau De Change (BDC).
Central Bank of Nigeria (CBN) Policy on Forex
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize or endorse transactions in the parallel market. The apex bank has consistently directed individuals seeking foreign exchange to approach their banks for legitimate forex transactions.
Exchange Rates Overview
Black Market Exchange Rate (Today)
- Buying Rate: ₦1,650
- Selling Rate: ₦1,660
CBN Official Exchange Rate (Today)
- Highest Rate: ₦1,550
- Lowest Rate: ₦1,515
Factors Influencing Exchange Rate Variations
The exchange rates in the black market and official markets can vary widely due to several factors, including:
- Demand and Supply Dynamics: The black market often reflects higher rates due to higher demand for dollars outside the official banking channels.
- CBN Policies: Restrictions on dollar access through banks can drive individuals and businesses to the parallel market.
- Economic Conditions: Inflation, foreign reserves, and trade balances significantly impact naira stability.
Caution for Forex Users
It is essential to exercise caution when trading in the parallel market, as rates can fluctuate frequently and are subject to regional differences. Rates in other cities or states may differ from those listed here.
For accurate rates and authorized transactions, individuals and businesses are encouraged to consult their banks or licensed Bureau De Change operators.
