As of February 1, 2025, the exchange rate for the U.S. dollar to the Nigerian naira in the parallel (black) market is as follows:
- Buying Rate: ₦1,605 per USD
- Selling Rate: ₦1,615 per USD
These rates may differ slightly depending on location and specific forex dealers. Reports from January 31, 2025, indicated a buying price of ₦1,610 and a selling price of ₦1,620 in some markets.
CBN Exchange Rate
The Central Bank of Nigeria (CBN) has a different rate for official transactions:
- Highest Rate: ₦1,517 per USD
- Lowest Rate: ₦1,490 per USD
Important Notes
- The CBN does not recognize the black market and advises individuals to use official banking channels for foreign exchange transactions.
- Exchange rates fluctuate frequently, so it is advisable to check with reliable sources before making any transactions.
