The U.S. dollar continued to trade at a high rate against the Nigerian naira in the parallel market today. Findings from currency traders at the Lagos black market show that the dollar is being sold at ₦1,470 while dealers are buying at ₦1,460. These figures were confirmed by sources within the Bureau De Change (BDC) community.
It is important to note that the Central Bank of Nigeria (CBN) does not recognize black market transactions. The apex bank maintains that all foreign exchange dealings should be carried out through authorised financial institutions. Individuals seeking forex for personal or business use are advised to approach their commercial banks, as rates in the parallel market are outside official regulatory oversight.
Dollar to Naira Black Market Rate Today
| Category | Rate (USD → NGN) |
|---|---|
| Selling Rate | ₦1,470 |
| Buying Rate | ₦1,460 |
CBN Official Dollar to Naira Rate Today
The official exchange rate published by the Central Bank of Nigeria remains significantly lower than the parallel market rate.
| Category | CBN Rate |
|---|---|
| Highest Rate | ₦1,445 |
| Lowest Rate | ₦1,436 |
Why the Rates Differ
Exchange rates in Nigeria vary widely across markets due to several factors, including:
- High demand for dollars for imports, travel, and business transactions
- Limited forex supply in the official market
- Market speculation by traders and buyers
- Economic pressures such as inflation and reduced foreign reserves
As a result, the prices quoted at the black market can be significantly different from the official CBN rate.
Important Notice
The exchange rate you encounter when buying or selling forex may differ from the rates listed above. Prices fluctuate constantly based on location, demand, and individual trader negotiations.
