As of Sunday, 8th December 2024, the exchange rates for the U.S. Dollar (USD) to Nigerian Naira (NGN) at the Lagos parallel (black) market are as follows:
- Buying Rate: N1595 per USD
- Selling Rate: N1600 per USD
These rates reflect the transactions happening at Bureau De Change (BDC) locations, where foreign currency is exchanged outside of the official channels. It’s important to note that the black market rates are often higher than the official rates, and they can fluctuate depending on demand, supply, and other economic factors.
For reference, the Central Bank of Nigeria (CBN) has set the official exchange rates for the Naira at the following levels:
- Highest Official Rate: N1610 per USD
- Lowest Official Rate: N1565 per USD
While the Central Bank does not endorse or recognize the parallel market, individuals who wish to engage in foreign exchange transactions are advised to approach their banks for official forex services. It is also crucial to note that the rates at which individuals buy or sell foreign currency can vary slightly depending on the bank or financial institution they are dealing with.
As the Nigerian forex market continues to evolve, the gap between the official CBN rate and the black market rate may persist, and it’s always wise to verify rates before making any exchanges.
