As of Thursday, May 3, 2025, the exchange rate for the U.S. Dollar to Naira at the Lagos Parallel Market commonly referred to as the black market stands at ₦1,595 for buying and ₦1,610 for selling, based on information gathered from currency traders and Bureau De Change (BDC) operators.
It’s important to highlight that the Central Bank of Nigeria (CBN) does not officially recognize or support transactions conducted on the black market. The CBN advises individuals and businesses seeking to access foreign exchange (forex) to do so through licensed commercial banks or other authorized financial institutions.
Dollar to Naira Exchange Rate – Black Market (Unofficial)
- Buying Rate: ₦1,595
- Selling Rate: ₦1,610
Dollar to Naira Exchange Rate – CBN Official Market
- Highest Rate: ₦1,606
- Lowest Rate: ₦1,600
Disclaimer: The exchange rates quoted above are based on market trends and reports from traders. Rates may differ depending on location, time of day, and demand. It’s always advisable to confirm the current rate with your currency exchange provider before making any transactions.
What Influences the Dollar to Naira Exchange Rate in Nigeria?
Several factors contribute to the fluctuations in Nigeria’s exchange rate:
- Demand for foreign currency: Increased demand for dollars by importers, travelers, and investors puts pressure on the naira.
- Oil prices: As Nigeria’s primary export, oil revenues heavily influence forex availability.
- Government policies and CBN regulations: Forex restrictions or liberalizations impact the official and parallel market rates.
- Inflation and interest rates: Economic indicators like inflation and the monetary policy rate (MPR) also affect currency value.
Why the Black Market Exists
The black market thrives due to the gap between official exchange rates and real-time market demand. Limited access to dollars at the CBN rate drives individuals and businesses to seek alternative sources—often at a premium. While convenient, these transactions are not regulated and carry inherent risks.
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