As of Monday, March 31, 2025, the exchange rate of the US dollar to the Nigerian naira in the Lagos Parallel Market, commonly referred to as the black market, stood at ₦1,540 per dollar for buying and ₦1,550 per dollar for selling. This information was obtained from reliable sources within the Bureau De Change (BDC) sector.
It is essential to highlight that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market for foreign exchange transactions. The apex bank has consistently advised individuals and businesses requiring forex to approach commercial banks and authorized dealers for their currency exchange needs.
Dollar to Naira Black Market Exchange Rate Today
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate |
|---|---|
| Buying Rate | ₦1,540 |
| Selling Rate | ₦1,550 |
Dollar to Naira CBN Official Exchange Rate
| Dollar to Naira (USD to NGN) | CBN Rate Today |
|---|---|
| Highest Rate | ₦1,542 |
| Lowest Rate | ₦1,520 |
The exchange rate is influenced by several factors, including demand and supply dynamics, inflation, global oil prices, and monetary policies implemented by the CBN. While the black market often provides a more accessible alternative for forex transactions, it remains unregulated, leading to frequent fluctuations in rates.
Given these variations, individuals and businesses are encouraged to verify rates from multiple sources before engaging in forex transactions. Additionally, economic policies, global market trends, and domestic financial stability will continue to impact the naira’s performance against the US dollar in both the official and parallel markets.
For those planning international transactions, remittances, or forex investments, staying updated with daily exchange rate trends is crucial. Exchange rates may differ based on location, negotiation power, and the transaction volume, making it advisable to compare options before making financial decisions.
