As of Monday, March 24, 2025, the exchange rate between the US Dollar (USD) and the Nigerian Naira (NGN) continues to fluctuate due to varying economic factors, market demand, and regulatory policies.
Below is an updated breakdown of both black market (parallel market) rates and the official Central Bank of Nigeria (CBN) exchange rates.
Dollar to Naira Black Market (Aboki FX) Exchange Rate Today
Foreign exchange traders operating in Lagos’ Parallel Market, commonly referred to as the black market, report the following exchange rates for today:
- Buying Rate: ₦1,570 per $1
- Selling Rate: ₦1,580 per $1
These figures indicate a slight fluctuation compared to the previous day’s rates. It is important to note that black market exchange rates are influenced by demand and supply dynamics and can vary between different Bureau De Change (BDC) operators and locations.
Disclaimer: The Central Bank of Nigeria (CBN) does not officially recognize the black market and has repeatedly warned against trading foreign exchange outside of official banking institutions. Nigerians seeking to exchange foreign currencies are encouraged to conduct transactions through authorized financial institutions to ensure transparency and compliance with CBN regulations.
Dollar to Naira CBN Official Exchange Rate
According to the latest data from the Central Bank of Nigeria (CBN), the official exchange rates for the dollar to naira are as follows:
- Highest Official Rate: ₦1,545 per $1
- Lowest Official Rate: ₦1,526 per $1
These rates are determined based on official forex market transactions, including the Investors & Exporters (I&E) FX Window, which is the main avenue for legal foreign exchange trading in Nigeria. The CBN continues to regulate the official forex market, aiming to stabilize the naira against the US dollar through various monetary policies.
Understanding the Gap Between the Black Market and CBN Rates
The difference between the black market rate and the official CBN exchange rate highlights the ongoing foreign exchange liquidity crisis in Nigeria. While the government has taken steps to curb speculative trading and forex hoarding, demand for dollars in the informal market remains high due to several reasons:
- Restrictions on Forex Access – Many businesses and individuals struggle to access dollars through official channels due to CBN’s stringent policies.
- Inflation & Devaluation Concerns – The naira has experienced depreciation due to inflation and economic pressures, making the black market a preferred option for quick access to forex.
- Limited Supply in Banks – Commercial banks often have a limited supply of forex, causing people to seek alternatives in the parallel market.
What This Means for Nigerians
For those engaging in foreign transactions—whether for business, education, medical expenses, or travel—it is crucial to stay updated on exchange rates and consider the best sources for obtaining forex. Given the volatility of the parallel market, rates can change rapidly, and individuals are advised to verify rates from multiple sources before making any transactions.
Recommendations:
- If possible, use official banking channels for forex transactions to avoid potential legal or financial risks.
- Monitor economic trends and CBN policy changes that may impact exchange rates.
- If trading in the black market, be aware of price fluctuations and potential risks involved.
Final Thoughts
The US dollar to Nigerian naira exchange rate remains a critical economic indicator that affects businesses, investors, and everyday consumers. While the CBN continues its efforts to stabilize the currency, the black market remains a dominant force in forex trading due to high demand and limited supply in official channels.
As the Nigerian economy navigates inflation, forex policies, and global economic shifts, exchange rates will likely continue to fluctuate. Keeping an eye on both official rates and black market trends will help individuals and businesses make informed financial decisions.
For real-time updates, always consult financial news platforms, forex exchange rate websites, and official CBN announcements before making transactions.
