As of Wednesday, March 26, 2025, the exchange rate for the U.S. dollar to the Nigerian naira in the Lagos Parallel Market (commonly known as the Black Market) is as follows:
- Buying Rate: ₦1,550 per dollar
- Selling Rate: ₦1,560 per dollar
These rates are based on information obtained from Bureau De Change (BDC) operators and may fluctuate throughout the day.
Official CBN Exchange Rate for Dollar to Naira
The Central Bank of Nigeria (CBN) maintains a regulated exchange rate, which differs from the black market rates. According to available data:
- Highest Official Rate: ₦1,541 per dollar
- Lowest Official Rate: ₦1,528 per dollar
It is important to note that the CBN does not officially recognize or endorse black market transactions. The apex bank has advised individuals and businesses to source foreign exchange through authorized financial institutions, such as commercial banks, to ensure compliance with regulatory guidelines.
Why Exchange Rates Vary
Exchange rates can fluctuate due to multiple factors, including:
- Market Demand & Supply: High demand for dollars increases the exchange rate, while a lower demand results in a drop.
- Economic Policies: Government regulations, monetary policies, and interventions by the CBN influence forex availability.
- Speculation & Inflation: Speculators and economic instability can drive up exchange rates beyond official figures.
Forex rates vary depending on location, dealer, and market conditions. The figures provided in this article are for informational purposes only and may differ from the actual rates offered by different forex traders.
For the most accurate and up-to-date rates, it is advisable to check with reliable financial sources or authorized forex dealers.
