Dollar to Naira Exchange Rate Today (Black Market & CBN Rates)
As of Monday, December 16, 2024, the exchange rate for the US Dollar to Nigerian Naira at the Lagos parallel market (also known as the black market) has seen slight fluctuations. According to Bureau De Change (BDC) sources, the buying rate for the US Dollar is currently at ₦1,675, while the selling rate stands at ₦1,680.
It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market, as it has advised Nigerians to conduct foreign exchange transactions through formal channels such as banks. Despite this, the black market remains a significant source of forex for many, especially for those who cannot access the official rates.
Current Exchange Rates:
- Dollar to Naira (Black Market Rates):
- Buying Rate: ₦1,675
- Selling Rate: ₦1,680
- Dollar to Naira (CBN Official Rates):
- Highest Rate: ₦1,555
- Lowest Rate: ₦1,520
While these rates provide a general guide, it’s essential to remember that actual exchange rates can vary. Factors such as supply and demand, the availability of dollars in the market, and the specific location of the transaction can all influence the rates you may encounter. Additionally, fluctuations in the global oil market and domestic economic policies continue to impact the Naira’s value against the US Dollar.
For those seeking to exchange dollars in Nigeria, the rates available at banks, which are determined by the Central Bank, often differ from what is found in the parallel market. As a result, individuals are advised to stay informed about the current market conditions and understand the potential discrepancies between official rates and the rates offered by Bureau De Change operators.
