As of Monday, February 24, 2025, the exchange rate of the U.S. dollar to the Nigerian naira in the Lagos Parallel Market (commonly referred to as the black market) stands at ₦1,520 per dollar for buying and ₦1,530 per dollar for selling, according to sources within the Bureau De Change (BDC) sector.
Important Notice on Forex Transactions
The Central Bank of Nigeria (CBN) does not officially recognize or regulate the black market. Instead, individuals and businesses looking to exchange foreign currency are encouraged to use authorized financial institutions, such as commercial banks and licensed forex dealers, for their transactions.
Current Exchange Rates: Black Market vs. CBN Official Rate
Black Market Dollar to Naira Rate (Parallel Market)
| Exchange Type | Rate (₦) |
|---|---|
| Buying Rate | 1,520 |
| Selling Rate | 1,530 |
CBN Official Dollar to Naira Rate
| Exchange Type | Rate (₦) |
|---|---|
| Highest Rate | 1,509 |
| Lowest Rate | 1,491 |
Factors Influencing the Exchange Rate
The naira’s value against the dollar is affected by multiple economic factors, including:
- Foreign Exchange Reserves: The availability of U.S. dollars in Nigeria’s foreign reserves impacts the official exchange rate.
- CBN Policies: Regulatory measures, such as forex restrictions and interventions, can influence the official and parallel market rates.
- Demand and Supply: High demand for dollars, especially for imports, remittances, and business transactions, often drives up the exchange rate.
- Inflation and Economic Stability: Rising inflation and economic uncertainties tend to weaken the naira.
Disclaimer
Foreign exchange rates fluctuate constantly, and actual rates may vary depending on location, transaction volume, and negotiation with currency dealers. Always verify with trusted sources before making transactions.
