The United States dollar continues to trade at a premium in Nigeria's unofficial foreign exchange markets.
As of Tuesday, June 17, 2025, the exchange rate at the Lagos parallel market commonly referred to as the black market shows that one U.S. dollar is bought at ₦1,576 and sold at ₦1,595. This is according to reliable sources within the Bureau De Change (BDC) network.
Important Advisory from the Central Bank of Nigeria (CBN)
It's crucial to note that the Central Bank of Nigeria (CBN) does not officially endorse or recognize transactions carried out in the parallel market. The apex bank has consistently advised individuals and businesses seeking foreign exchange to channel their requests through authorized financial institutions, such as commercial banks. This is part of the CBN’s broader effort to unify exchange rates and maintain transparency within the nation’s FX ecosystem.
Exchange Rate Summary
Parallel Market (Black Market) Rate – Lagos
| Currency Pair | Buying Rate | Selling Rate |
|---|---|---|
| USD to NGN (Black Market) | ₦1,576 | ₦1,595 |
Central Bank of Nigeria (CBN) Official Rate
| Currency Pair | Highest Rate | Lowest Rate |
|---|---|---|
USD to NGN (CBN) |
₦1,547 | ₦1,541 |
Exchange rates can fluctuate throughout the day due to market forces such as demand, supply, and geopolitical factors. The rates quoted here are based on market observations as of the time of reporting. Individuals may experience slightly different rates depending on location, transaction amount, and negotiating power.
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