As of Monday, June 23, 2025, the exchange rate for the United States Dollar (USD) to Nigerian Naira (NGN) in the Lagos parallel market commonly referred to as the black market stands as follows:
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Buying Rate: ₦1,585 per dollar
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Selling Rate: ₦1,600 per dollar
This information was obtained from reliable sources operating within the Bureau De Change (BDC) network.
Important Note on CBN Policy
It is essential to understand that the Central Bank of Nigeria (CBN) does not officially recognize transactions carried out on the parallel or black market. The CBN has consistently maintained that individuals and businesses seeking foreign exchange (forex) should do so through regulated financial institutions such as commercial banks. These banks are authorized to provide forex services in compliance with official monetary policies and exchange guidelines.
Official CBN Exchange Rate – June 23, 2025
For comparison, here is the official exchange rate published by the Central Bank of Nigeria for the same day:
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Highest Rate: ₦1,551 per dollar
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Lowest Rate: ₦1,541 per dollar
Caution to Forex Traders and Buyers
Please be aware that the rates listed above may fluctuate based on market dynamics, negotiation margins, and location-specific demand. Individuals buying or selling forex through unofficial channels may encounter rates that differ slightly—or significantly from those captured here.
Summary Table
| Market Type | USD to NGN | Buying Rate | Selling Rate |
|---|---|---|---|
| Black Market | Parallel Rate | ₦1,585 | ₦1,600 |
| Official (CBN) | Regulated Rate | ₦1,541 – ₦1,551 | N/A |
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