As of Saturday, April 5, 2025, the exchange rate for the dollar to naira at the Lagos parallel market, commonly referred to as the black market, has seen a slight fluctuation.
According to sources within the Bureau De Change (BDC), the buying rate for the U.S. dollar stands at ₦1560, while the selling rate is ₦1565.
However, it’s crucial to note that the Central Bank of Nigeria (CBN) does not officially recognize or endorse the black market. In an effort to regulate forex trading, the CBN has consistently directed individuals wishing to engage in currency exchange to approach commercial banks for official exchange rates.
Black Market Exchange Rates for Dollar to Naira (April 5, 2025):
- Buying Rate: ₦1560
- Selling Rate: ₦1565
These rates represent the price at which Bureau De Change operators in Lagos and other major cities in Nigeria buy and sell foreign currency. It’s important to keep in mind that black market rates tend to be more volatile and can differ based on location, demand, and supply factors at any given moment.
CBN Exchange Rates for Dollar to Naira (April 5, 2025):
- Highest Rate: ₦1625
- Lowest Rate: ₦1519
The official rates, which are issued by the Central Bank, reflect the range within which commercial banks are allowed to trade U.S. dollars. It’s also important to remember that the rates quoted here represent the official band within which the Nigerian Naira trades against the U.S. dollar at authorized banks.
Despite the CBN’s directives, many Nigerians continue to engage in the black market due to the often limited availability of foreign currency at the banks and the convenience offered by parallel market dealers. This discrepancy between official and parallel market rates is a significant factor that contributes to the ongoing volatility in the forex market.
Key Considerations:
- The rates in the parallel market (black market) may not align with those offered by the CBN, and individuals seeking to exchange foreign currency may find varying rates across different locations.
- The CBN’s official rate is typically used by authorized banks and financial institutions for international transactions and remittances.
- Although the CBN discourages the use of the parallel market, the high demand for dollars and the shortage in the official channels often drive individuals to seek alternatives.
As always, it is advised to be cautious when engaging in forex transactions, especially when dealing with the black market, as rates can fluctuate rapidly.
