Dollar to Naira Black Market Exchange Rate Today – February 5, 2025
As of Wednesday, February 5, 2025, the exchange rate for the U.S. dollar to Nigerian naira in the Lagos parallel market (commonly referred to as the black market) remains as follows:
- Buying Rate: ₦1,595 per $1
- Selling Rate: ₦1,605 per $1
These rates are based on information from currency traders operating in major exchange hubs across Lagos. However, it is important to note that rates fluctuate frequently due to market demand and supply dynamics.
Official CBN Dollar to Naira Exchange Rate
The Central Bank of Nigeria (CBN) maintains a different exchange rate for official transactions. While the black market operates independently, the official rate from the CBN typically falls within the range of:
- Highest Rate: ₦1,502 per $1
- Lowest Rate: ₦1,494 per $1
Key Considerations When Exchanging Forex
- Market Variability: Exchange rates in the parallel market can change rapidly due to economic policies, forex supply, and market speculation.
- CBN Restrictions: The Central Bank of Nigeria does not recognize black market transactions and advises individuals and businesses to conduct foreign exchange transactions through official banking channels.
- Regional Differences: Rates may vary slightly depending on the location and specific currency trader, with major cities like Lagos and Abuja typically having more competitive rates.
Since the foreign exchange market remains unpredictable, individuals and businesses should verify rates from multiple sources before making transactions.
