As of March 27, 2025, the exchange rate for the US dollar to the Nigerian naira in the Lagos parallel market, commonly referred to as the black market, stood at ₦1,555 per dollar for buying and ₦1,560 per dollar for selling. This information was obtained from sources within the Bureau De Change (BDC) sector.
It is important to highlight that the Central Bank of Nigeria (CBN) does not officially recognize the black market for foreign exchange transactions. The CBN has consistently advised individuals and businesses seeking foreign currency to utilize official banking channels for forex transactions. The regulatory body insists that engaging in foreign exchange through unauthorized sources poses risks and undermines the stability of the country’s financial system.
Dollar to Naira Exchange Rate – Black Market (Unofficial)
| Currency | Buying Rate (₦) | Selling Rate (₦) |
|---|---|---|
| US Dollar (USD) | 1,555 | 1,560 |
Dollar to Naira Exchange Rate – CBN Official Rate
| Currency | Highest Rate (₦) | Lowest Rate (₦) |
|---|---|---|
| US Dollar (USD) | 1,540 | 1,535 |
While these exchange rates provide a snapshot of forex trends in Nigeria, it is important to note that actual rates may vary depending on location, volume of transaction, and negotiation between buyers and sellers. Market fluctuations, economic policies, and international financial trends also play a crucial role in determining forex rates at any given time.
The naira’s value against the dollar continues to be influenced by factors such as Nigeria’s foreign exchange reserves, inflation rates, government policies, and global economic conditions. The persistent demand for dollars, particularly for importation, tuition fees, medical expenses, and business transactions, has kept the parallel market active despite government efforts to curb its influence.
Individuals and businesses involved in foreign exchange transactions are encouraged to verify rates with multiple sources and, where possible, use authorized financial institutions to avoid potential fraud and regulatory issues. For the latest updates, monitoring CBN’s official website and financial news platforms remains the best approach to obtaining reliable forex information.
As Nigeria navigates its economic landscape, stakeholders continue to watch how government policies and market forces shape the exchange rate in the coming months.
