As of Thursday, February 27, 2025, the exchange rate for the US dollar to the Nigerian naira in the Lagos parallel market (black market) stands as follows:
- Buying Rate: ₦1,490 per $1
- Selling Rate: ₦1,500 per $1
This information is based on insights from Bureau De Change (BDC) operators.
Important Disclaimer
The Central Bank of Nigeria (CBN) does not officially recognize the parallel (black) market and advises individuals and businesses to conduct foreign exchange transactions through their respective commercial banks. Exchange rates in the black market fluctuate frequently due to supply and demand dynamics, so actual rates may differ across different locations and dealers.
CBN Official Exchange Rate for Dollar to Naira
At the official forex window, the exchange rate set by the CBN fluctuates within the following range:
- Highest Rate: ₦1,500 per $1
- Lowest Rate: ₦1,496 per $1
It’s essential to note that the rate at which you buy or sell foreign exchange may differ slightly depending on factors such as location, transaction volume, and market conditions.
For the most accurate and up-to-date exchange rates, it is advisable to check with licensed financial institutions or authorized forex dealers.
