According to information from Bureau De Change (BDC) operators in Lagos, the exchange rate for the US dollar on the parallel (black) market is as follows:
- Buying Rate: ₦1535 per $1
- Selling Rate: ₦1555 per $1
These rates reflect the transactions typically carried out by currency traders outside of the official banking channels.
Important Advisory
The Central Bank of Nigeria (CBN) does not recognize or regulate black market transactions. It strongly advises anyone needing foreign exchange to visit their commercial banks or other licensed financial institutions for official rates and transactions.
Black Market Dollar to Naira Rate
| Description | Rate (NGN) |
|---|---|
| Buying Price | ₦1535 |
| Selling Price | ₦1555 |
Official CBN Dollar to Naira Rate Today
On the official market regulated by the CBN, the exchange rate for the dollar varies within the following band:
- Highest Rate: ₦1530 per $1
- Lowest Rate: ₦1526 per $1
Exchange rates can fluctuate frequently due to market demand, supply conditions, and broader economic factors. The rates listed here are representative of typical values at the time of writing but may differ from those you encounter when buying or selling forex. Always check with your bank or licensed BDC for the most accurate and up-to-date rates.
Expanded Section: Why Is There a Difference Between Official and Black Market Rates?
Nigeria’s foreign exchange market operates on multiple levels. The official rate is set or influenced by the Central Bank of Nigeria to maintain stability and control inflation. However, due to limited dollar liquidity in the official channels, many businesses and individuals turn to the parallel market, where demand often pushes the rate higher.
This gap between official and black market rates can have significant economic implications, including imported inflation and pricing challenges for businesses that rely on foreign inputs.
Efforts to unify or stabilize the exchange rate have been a recurring policy goal, but challenges remain due to structural issues in the economy.
