Black Market (Parallel Market) Rate
In the Lagos parallel market, commonly referred to as the black market, the exchange rate for the dollar to naira is as follows:
- Buying Rate: ₦1665
- Selling Rate: ₦1675
These rates are provided by Bureau De Change (BDC) operators in Lagos and may vary slightly depending on the specific location, transaction volume, and demand.
CBN Official Exchange Rate
According to the Central Bank of Nigeria (CBN), the official exchange rates are:
- Highest Rate: ₦1551
- Lowest Rate: ₦1545
Key Insights and Advisory
- The Central Bank of Nigeria (CBN) does not recognize or approve the parallel market (black market) as a legitimate source for foreign exchange transactions.
- The CBN has directed individuals and businesses seeking forex to approach authorized financial institutions, such as banks, to ensure compliance with regulatory frameworks.
Important Considerations
- The exchange rates may vary depending on the amount being exchanged, the location of the transaction, and prevailing market dynamics.
- The rates in this report are accurate as of the time of publication but could fluctuate throughout the day.
Why the Difference Between CBN and Black Market Rates?
The disparity between the official CBN rate and the black market rate is often driven by:
- Limited Dollar Supply: Insufficient dollar liquidity in the official market leads individuals and businesses to seek alternative sources.
- High Demand for Forex: Importers and other entities that require foreign exchange may turn to the parallel market due to delays or restrictions in accessing forex from official channels.
- Speculation: Market speculation often influences the black market rate, causing significant fluctuations.
Disclaimer: The rates you receive during transactions may differ slightly from those stated above, as they are subject to market variations. For accurate and up-to-date rates, it is advisable to consult local Bureau De Change operators or authorized banks.
