As of Sunday, March 9, 2025, the exchange rate of the U.S. dollar to the Nigerian naira in the Lagos parallel market, commonly known as the black market, stands at ₦1580 per dollar for buying and ₦1590 per dollar for selling, according to sources within the Bureau De Change (BDC) sector.
Important Notice on Forex Transactions
The Central Bank of Nigeria (CBN) does not officially recognize transactions conducted in the parallel market. It has repeatedly advised individuals and businesses to obtain foreign exchange through authorized financial institutions, such as commercial banks, to ensure transparency and compliance with regulatory policies.
Dollar to Naira Exchange Rates (March 9, 2025)
Black Market (Parallel Market) Rate
- Buying Rate: ₦1580 per USD
- Selling Rate: ₦1590 per USD
CBN Official Exchange Rate
- Highest Rate: ₦1615 per USD
- Lowest Rate: ₦1505 per USD
Understanding the Exchange Rate Variations
It is essential to note that foreign exchange rates fluctuate due to several factors, including demand and supply dynamics, inflation, monetary policies, and global economic conditions. Additionally, the exchange rate at which individuals buy or sell forex may differ based on location, negotiation power, and the specific BDC operator they engage with.
For the most accurate and up-to-date exchange rates, individuals are advised to verify rates with their preferred forex dealers or financial institutions before making transactions.
