The exchange rate between the U.S. dollar and the Nigerian naira at the Lagos Parallel Market (Black Market) stands at ₦1,575 per dollar for buying and ₦1,585 per dollar for selling as of Wednesday, March 19, 2025, according to information obtained from Bureau De Change (BDC) operators.
Official Stand on Black Market Transactions
It is important to note that the Central Bank of Nigeria (CBN) does not endorse or regulate transactions in the black market. The apex bank has repeatedly urged individuals and businesses requiring foreign exchange to conduct their transactions through official channels, such as commercial banks, in compliance with its monetary policies.
Dollar to Naira Exchange Rates – March 19, 2025
Black Market (Parallel Market) Rates
| Currency | Buying Rate | Selling Rate |
|---|---|---|
| 1 USD to NGN | ₦1,575 | ₦1,585 |
CBN Official Exchange Rate
| Currency | Highest Rate | Lowest Rate |
|---|---|---|
| 1 USD to NGN | ₦1,545 | ₦1,500 |
Understanding the Exchange Rate Differences
The disparity between the black market and official exchange rates remains a major concern for businesses and individuals in Nigeria. The parallel market often reflects real-time demand and supply dynamics, while the CBN rate is influenced by government policies and interventions aimed at stabilizing the naira.
Factors Influencing the Naira’s Value
Several economic and political factors contribute to fluctuations in the exchange rate, including:
- Foreign Exchange Reserves: The availability of forex in Nigeria’s reserves affects supply levels.
- Inflation Rate: High inflation erodes the value of the naira, making it weaker against the dollar.
- Monetary Policies: CBN’s interventions, such as interest rate adjustments, impact the official exchange rate.
- Foreign Investment: An increase or decline in foreign investment influences forex liquidity in the market.
Exchange rates are highly volatile and can change multiple times daily depending on market conditions. If you plan to exchange forex, it’s advisable to check with multiple sources for the most accurate and up-to-date rates.
