As of Saturday, March 15, 2025, the exchange rate for the US dollar to the Nigerian naira has seen fluctuations in both the parallel (black) market and the official Central Bank of Nigeria (CBN) window.
Black Market Exchange Rate (Aboki Dollar Rate)
At the Lagos Parallel Market, commonly referred to as the Black Market, Bureau De Change (BDC) operators report the following exchange rates:
- Buying Rate: ₦1,590 per US dollar
- Selling Rate: ₦1,610 per US dollar
It is important to note that black market rates vary by location and seller, and these figures are based on data gathered from financial sources operating in the informal exchange sector.
Official CBN Exchange Rate
The Central Bank of Nigeria (CBN), which oversees the country’s foreign exchange policies, provides a different benchmark for the dollar-to-naira exchange rate. As of today, the official rates stand at:
- Highest Rate: ₦1,548 per US dollar
- Lowest Rate: ₦1,480 per US dollar
The CBN has reiterated its stance against the use of the parallel market for foreign exchange transactions, advising individuals and businesses to obtain forex through official banking channels.
Market Trends and Considerations
Exchange rates in Nigeria are influenced by multiple factors, including:
- Foreign Exchange Reserves: The strength of Nigeria’s dollar reserves impacts liquidity in the forex market.
- Inflation & Economic Policies: Government monetary policies and inflation rates contribute to fluctuations in naira valuation.
- Global Oil Prices: As an oil-dependent economy, Nigeria’s forex earnings are closely tied to crude oil export revenues.
- Speculation & Demand: Increased demand for dollars from importers and investors, alongside speculation, can cause the naira to depreciate.
Disclaimer
Foreign exchange rates are highly volatile and may differ based on location, volume, and negotiation. The rates provided above are indicative and subject to change. It is advisable to verify rates with licensed financial institutions or forex dealers before carrying out transactions.
For real-time updates, stay informed through reliable financial news sources and official regulatory announcements.
