The exchange rate between the United States dollar and the Nigerian naira at the Lagos parallel market, commonly known as the black market, continues to attract attention from traders and the general public.
As of Saturday, January 10, 2025, currency dealers in major Bureau De Change (BDC) locations in Lagos disclosed that the dollar is being sold at ₦1,485 and bought at ₦1,479 in the informal market.
This means that anyone seeking to purchase dollars from the black market would need to pay about ₦1,485 for each dollar, while those selling dollars would receive approximately ₦1,479.
Dollar to Naira Black Market Rate
| Currency Pair | Buying Rate | Selling Rate |
|---|---|---|
| USD to NGN | ₦1,479 | ₦1,485 |
Official Dollar to Naira Exchange Rate (CBN)
On the official side, data from the Central Bank of Nigeria (CBN) shows that the naira is trading at relatively lower rates within the regulated foreign exchange market.
According to available figures:
| Currency Pair | Lowest Rate | Highest Rate |
|---|---|---|
| USD to NGN | ₦1,420 | ₦1,430 |
CBN’s Position on the Black Market
The Central Bank of Nigeria has repeatedly stated that it does not recognize or support transactions in the parallel market. The apex bank has advised Nigerians who need foreign exchange for personal or business purposes to channel their requests through licensed commercial banks and other authorized financial institutions.
The CBN maintains that the official market remains the safest and most transparent avenue for accessing foreign currency, as it protects individuals from price manipulation, fraud, and regulatory risks associated with street trading.
Why Exchange Rates Differ
It is important to note that foreign exchange rates in Nigeria are highly dynamic. The prices quoted in this report may differ slightly from what individuals encounter on the street or at exchange points, as rates can change based on:
- Location and city
- Demand and supply conditions
- Volume of transaction
- Negotiation between buyer and seller
For this reason, anyone planning to exchange currency is advised to confirm the current rate before completing any transaction.
