The exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) continues to reflect ongoing volatility in Nigeria’s foreign exchange market.
On Saturday, April 19, 2025, reports from currency traders operating within the Lagos parallel market, commonly referred to as the black market, indicate that the buying rate of the dollar is ₦1600, while the selling rate is ₦1605.
These rates were sourced from several Bureau De Change (BDC) operators in Lagos who deal in daily over-the-counter currency transactions outside the official banking channels.
Unofficial (Black Market) Dollar to Naira Exchange Rate
| Type | Rate (₦) |
|---|---|
| Buying Rate | 1600 |
| Selling Rate | 1605 |
Central Bank of Nigeria (CBN) Official Exchange Rate
While black market rates often dominate public discourse due to their accessibility, it’s important to highlight that the Central Bank of Nigeria (CBN) does not endorse or recognize parallel market trading. The apex financial authority continues to emphasize that all foreign exchange transactions should be conducted through authorized commercial banks and licensed forex dealers.
As of today, the official exchange rate from the CBN window reflects the following figures:
| Type | Rate (₦) |
|---|---|
| Highest Rate | 1603 |
| Lowest Rate | 1595 |
The disparity between the CBN rate and black market rate is driven by several factors, including limited dollar supply, rising demand from businesses and individuals, speculative trading, and uncertainty in Nigeria’s monetary policy direction.
Why the Gap Between Official and Black Market Rates?
The widening gap between official and parallel market exchange rates has become a key economic issue. Many Nigerians turn to the black market due to delays, restrictions, or limited access at official banks. This trend has made the parallel market a major reference point for currency valuation among traders, importers, and travelers, despite CBN’s repeated warnings.
Important Note
Foreign exchange rates are highly volatile and can shift multiple times within a single day. The rates mentioned here represent average figures from specific locations and may vary depending on your location, method of transaction, or dealer.
