As of Monday, March 3, 2025, the exchange rate of the U.S. dollar to the Nigerian naira in the Lagos Parallel Market (Black Market) is as follows:
- Buying Rate: ₦1,500 per dollar
- Selling Rate: ₦1,506 per dollar
These rates are based on information gathered from Bureau De Change (BDC) sources. However, it is important to note that exchange rates in the black market can fluctuate frequently due to market demand and supply.
CBN Exchange Rate for Dollar to Naira
In contrast, the Central Bank of Nigeria (CBN) maintains an official exchange rate policy, which differs from black market rates. As of today, the CBN exchange rate for the U.S. dollar stands at:
- Highest Rate: ₦1,501 per dollar
- Lowest Rate: ₦1,497 per dollar
The CBN has consistently emphasized that it does not recognize or regulate transactions conducted in the parallel market. Individuals or businesses looking to obtain foreign exchange are advised to do so through official banking channels in compliance with regulatory guidelines.
Disclaimer
Exchange rates can vary depending on location, transaction volume, and negotiation between buyers and sellers. The figures provided above are based on available market data and may differ from the rates you encounter in actual transactions. Always verify with your forex dealer before making any exchange decisions.
