As of Saturday, March 22, 2025, the exchange rate for the US dollar against the Nigerian naira in the Lagos parallel market (black market) stands as follows:
- Buying Rate: ₦1,580 per dollar
- Selling Rate: ₦1,590 per dollar
These figures are based on information from Bureau De Change (BDC) operators.
CBN’s Stance on the Parallel Market
The Central Bank of Nigeria (CBN) does not officially recognize the black market for foreign exchange transactions. Instead, it advises individuals and businesses in need of forex to conduct transactions through authorized financial institutions such as banks.
CBN Exchange Rate for USD to NGN
In contrast to the black market rates, the official exchange rate set by the CBN fluctuates between:
- Highest Rate: ₦1,545 per dollar
- Lowest Rate: ₦1,526 per dollar
Market Variations and Predictions
Exchange rates can vary based on demand, location, and market conditions. For instance, user-reported rates from NgnRates.com on March 21, 2025, indicated a slightly lower buying rate of ₦1,570 and the same selling rate of ₦1,590.
Meanwhile, projections from CoinCodex suggest that the exchange rate could rise to approximately ₦1,610.45 per dollar by March 23, 2025.
It is important to note that forex rates fluctuate frequently. For the most reliable and up-to-date information, individuals should consult multiple sources or contact financial institutions directly.
