The exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) continues to fluctuate, especially in the parallel market, commonly referred to as the black market.
As of Sunday, June 15, 2025, the dollar is being bought at ₦1,579 and sold at ₦1,586 in Lagos and other key locations across Nigeria, based on information gathered from Bureau De Change (BDC) operators.
It's important to understand that this parallel market rate is not officially recognized by the Central Bank of Nigeria (CBN). The CBN maintains that all foreign exchange transactions should be conducted through licensed financial institutions such as commercial banks. The apex bank has continuously warned against patronizing the black market due to its volatility and lack of regulation.
Black Market (Parallel Market) Rate:
Transaction |
Exchange Rate (NGN) |
|---|---|
Buying Rate |
₦1,579 |
| Selling Rate | ₦1,586 |
CBN Official Rate:
| Rate Type | Exchange Rate (NGN) |
|---|---|
Highest Rate |
₦1,570 |
| Lowest Rate | ₦1,537 |
Please note: The rates listed above are indicative and may vary depending on location, volume of transaction, time of day, and market sentiment. Exchange rates in the black market are particularly volatile and can change rapidly.
While many individuals and businesses turn to the parallel market due to difficulties accessing foreign exchange through official channels, it is worth reiterating that the CBN discourages this practice. Nigerians in need of foreign currency are advised to consult their banks for authorized FX transactions to ensure compliance with financial regulations and avoid potential risks.
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