The exchange rate for the dollar to naira in the Lagos Parallel Market (Black Market) currently stands at ₦1655 for buying and ₦1665 for selling, as of Monday, 20th January 2025, according to sources within the Bureau De Change (BDC) sector.
Important Note: The Central Bank of Nigeria (CBN) does not officially recognize the parallel market for foreign exchange transactions. Instead, individuals and businesses seeking foreign exchange are advised to use their respective banks for all Forex-related transactions.
Black Market Dollar to Naira Exchange Rate Today
- Buying Rate: ₦1655
- Selling Rate: ₦1665
Official CBN Dollar to Naira Exchange Rate Today
On the official platform, the CBN exchange rate for the dollar to naira ranges between:
- Highest Rate: ₦1551
- Lowest Rate: ₦1545
Disclaimer: Exchange rates vary depending on the market dynamics, the seller, and the location. The rates mentioned above may differ slightly from what you experience during transactions.
The disparity between the official CBN exchange rate and the parallel market rate reflects ongoing challenges in Nigeria’s Forex market. Factors such as limited dollar supply, inflationary pressures, and demand from importers and businesses have continued to widen the gap.
The Central Bank of Nigeria has intensified efforts to stabilize the naira, including policies aimed at curbing speculative trading and promoting transparency in Forex transactions. However, the persistent dollar scarcity has led individuals and businesses to rely heavily on the parallel market, despite its higher rates.
Experts advise individuals engaging in foreign exchange to stay updated on daily rates and remain cautious of illegal trading practices.
