The value of the naira against the U.S. dollar continues to fluctuate in the informal foreign exchange market. The Lagos Parallel Market, commonly referred to as the black market, are selling the U.S. dollar at ₦1,465 and buying at ₦1,455, based on information obtained from Bureau De Change (BDC) operators.
It is important to emphasize that the Central Bank of Nigeria (CBN) does not officially recognise rates from the parallel market. The apex bank consistently advises individuals and businesses seeking foreign exchange for legitimate transactions to approach their commercial banks or other approved financial institutions for verified and regulated forex services.
Black Market Dollar to Naira Rate Today
| Dollar to Naira (USD/NGN) | Black Market Rate |
|---|---|
| Selling Rate | ₦1,465 |
| Buying Rate | ₦1,455 |
CBN Dollar to Naira Rate Today
Although the CBN rate differs from the parallel market, available indicators suggest the following official benchmarks for today:
| Dollar to Naira (USD/NGN) | CBN Official Rate |
|---|---|
| Highest Rate | ₦1,459 |
| Lowest Rate | ₦1,440 |
Why Dollar Rates Differ Across Markets
Exchange rates often vary due to several factors, including market demand, limited dollar liquidity, economic policies, and the activities of currency speculators. The black market operates outside the CBN’s regulatory framework, which is why its rates tend to differ sharply from official figures.
Additionally, the rate at which individuals buy or sell the dollar may differ slightly from what is reported here. Prices can fluctuate rapidly depending on:
- Location
- Time of the day
- Volume of the transaction
- Individual BDC operators’ margins
Important Notice
The exchange rates provided in this update are based on the latest reports from traders and market surveys. Actual rates may vary depending on negotiation and market conditions at the time of your transaction.
