The exchange rate between the United States dollar and the Nigerian naira continues to fluctuate in the parallel market, commonly referred to as the black market.
As of today, Monday, April 21, 2025, foreign exchange dealers in Lagos report that the buying rate for 1 US dollar is approximately ₦1601, while the selling rate stands around ₦1610.
This rate is based on information provided by sources within the Bureau De Change (BDC) sector, who play a major role in informal currency trading across Nigeria’s urban centers.
Official CBN Exchange Rate for Dollar to Naira – April 21, 2025
| Transaction Type | Exchange Rate (₦) |
|---|---|
| Buying Rate | ₦1601 |
| Selling Rate | ₦1610 |
These figures represent the current trends in the parallel market and are often influenced by market forces such as demand and supply, speculation, inflation, and economic news.
The Central Bank of Nigeria (CBN) publishes its own official exchange rates daily. Unlike the black market, CBN’s rates are regulated and are used for official transactions including import duties, government procurement, and other formal sector dealings.
| Transaction Type | Exchange Rate (₦) |
|---|---|
| Highest Rate | ₦1603 |
| Lowest Rate | ₦1595 |
It is important to note that the CBN does not recognize or endorse the black market for foreign exchange transactions. Individuals and businesses seeking to purchase foreign currency are strongly encouraged to do so through licensed financial institutions or their respective commercial banks.
Why Exchange Rates Differ
The difference between black market and official rates arises from several factors, including limited access to forex through formal channels, high demand for foreign currencies, and economic instability. The black market offers more flexible and sometimes faster access to forex, albeit at less favorable rates and without regulation.
However, users should be cautious when dealing with unregulated sources, as transactions are not protected under Nigerian financial laws and may expose individuals to potential fraud or exploitation.
Exchange rates are highly volatile and can change within hours. The rates provided here are for informational purposes only and may differ from the rates offered by currency dealers, BDC operators, or banks at the time of your transaction. It is advisable to confirm the latest rate before making any foreign exchange decisions.
