As of Monday, November 25, 2024, the exchange rate for the US Dollar to Naira in the Lagos Parallel Market (often referred to as the black market) stands at ₦1,752 for buying and ₦1,755 for selling.
These rates, reported by sources within the Bureau De Change (BDC) industry, reflect the ongoing dynamics of Nigeria’s informal currency exchange market, which tends to operate outside the control of official regulatory bodies.
Despite the parallel market’s importance in the daily financial transactions of many Nigerians, it is essential to note that the Central Bank of Nigeria (CBN) does not officially recognize these black market rates. The CBN maintains that all foreign exchange transactions should be conducted through authorized channels such as commercial banks or licensed Bureaux de Change. As part of their policy, the CBN directs individuals who need foreign exchange to approach these official banking institutions, which are expected to follow the rates established by the CBN itself.
In contrast to the rates observed in the parallel market, the official CBN exchange rates for the US Dollar to Naira (USD/NGN) for today stand as follows:
- Buying Rate: ₦1,664
- Selling Rate: ₦1,665
These figures represent the rates at which the Central Bank deals with commercial banks. However, the rates experienced by individuals in the retail forex market or those conducting transactions in the black market can vary, reflecting the demand-supply imbalance and the influence of market speculation.
It’s important for individuals and businesses engaging in forex transactions to be aware that the rates quoted in this context may differ depending on the location, time, and the specific forex market operator they deal with. Therefore, while the CBN’s official rates offer a baseline, the actual rates individuals experience can fluctuate significantly. For the most accurate and up-to-date rates, it is advised to consult both official and informal sources regularly, as exchange rates can change rapidly due to various economic factors.
