The Current exchange rate for the US dollar against the Nigerian naira in the Lagos Parallel Market commonly referred to as the Black Market stands at ₦1,610 per dollar for buying and ₦1,620 per dollar for selling. These figures are based on information gathered from Bureau De Change (BDC) operators.
It’s important to emphasize that the Central Bank of Nigeria (CBN) does not officially recognize the black market for foreign exchange transactions. The apex bank has consistently advised individuals and businesses seeking foreign currency to use official channels, primarily through their respective commercial banks.
Current Black Market Rates – USD to NGN
| Transaction Type | Rate (₦) |
|---|---|
| Buying | ₦1,610 |
| Selling | ₦1,620 |
Official CBN Dollar to Naira Exchange Rate – 30th May 2025
In contrast to the parallel market, the official exchange rates provided by the Central Bank of Nigeria for today are as follows:
| Rate Type | Value (₦) |
|---|---|
| Highest Rate | ₦1,590 |
| Lowest Rate | ₦1,584 |
Please be aware that foreign exchange rates fluctuate regularly, often driven by market demand, policy shifts, and economic indicators. The actual rates you may encounter when buying or selling foreign currency could differ from the values listed above, depending on your location, transaction volume, and the dealer involved.
Why the Black Market Remains Relevant
Despite CBN’s efforts to unify exchange rates and channel forex transactions through formal platforms, the black market continues to thrive due to limited access to dollars at official rates, delays in processing, and documentation requirements at banks. Many importers, travelers, and businesses find the parallel market more accessible, albeit at higher costs.
Disclaimer
Exchange rates provided in this update are for informational purposes only. They are based on local market trends and may vary significantly across cities and BDC dealers. For official transactions or large forex needs, consult your bank or a licensed financial institution.
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