As of Thursday, March 20, 2025, the exchange rate for the U.S. dollar against the Nigerian naira in the Lagos parallel market, also known as the black market, stands at ₦1,580 per dollar for buying and ₦1,585 per dollar for selling.
This is based on information obtained from Bureau De Change (BDC) operators.
Official Stance on the Parallel Market
It is important to note that the Central Bank of Nigeria (CBN) does not recognize transactions conducted in the parallel market. The apex bank has consistently advised individuals and businesses in need of foreign exchange to source it through authorized financial institutions, such as commercial banks, to ensure compliance with regulatory guidelines.
Dollar to Naira Exchange Rates Today
Black Market (Parallel Market) Rate
| Currency | Buying Rate (₦) | Selling Rate (₦) |
|---|---|---|
| 1 USD to NGN | 1,580 | 1,585 |
CBN Official Exchange Rate
| Currency | Highest Rate (₦) | Lowest Rate (₦) |
|---|---|---|
| 1 USD to NGN | 1,545 | 1,526 |
Market Variations
Foreign exchange rates fluctuate due to multiple factors, including demand and supply dynamics, government policies, and global economic trends. The rates at which individuals or businesses buy and sell dollars may vary from the figures mentioned above, depending on the location, negotiation, and transaction volume.
For real-time updates and insights into Nigeria’s forex market trends, stay tuned to our daily reports.
