As of Wednesday, December 4, 2024, the exchange rate for the U.S. dollar to Nigerian naira at the Lagos Parallel Market (commonly referred to as the black market) stands as follows:
- Buying Rate: N1700 per US dollar
- Selling Rate: N1715 per US dollar
These rates were sourced from reliable individuals involved in Bureau De Change (BDC) transactions at the parallel market. It is important to emphasize, however, that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market. The CBN has consistently urged individuals who require foreign exchange to seek it through legitimate channels, such as commercial banks, rather than engaging in black market transactions.
For individuals seeking the official rates from the Central Bank of Nigeria (CBN), they are as follows:
- CBN Buying Rate: N1612 per US dollar
- CBN Selling Rate: N1613 per US dollar
It’s essential to note that exchange rates fluctuate frequently, and the actual rates at which you are able to buy or sell foreign currency may differ from the ones provided in this report.
The rates observed in the black market can vary significantly depending on the region, demand, and supply dynamics, meaning the rates mentioned here are indicative of a general trend but may not reflect the exact rates you would encounter in your specific transactions. Always check with local dealers or financial institutions for the most up-to-date information.
