As of Tuesday, June 24, 2025, the exchange rate for the United States Dollar (USD) to the Nigerian Naira (NGN) at the Lagos Parallel Market, commonly referred to as the Black Market, stands at ₦1,580 per dollar for buying and ₦1,605 per dollar for selling, according to information sourced from currency traders within the Bureau De Change (BDC) sector.
It is important to note that the Central Bank of Nigeria (CBN) does not endorse or recognize the black market exchange rates. The apex bank has consistently advised individuals and businesses seeking foreign exchange to conduct such transactions through official banking channels and authorized dealers.
Dollar to Naira (Black Market Rate)
| Currency Pair | Buying Rate | Selling Rate |
|---|---|---|
| USD/NGN | ₦1,580 | ₦1,605 |
Dollar to Naira (CBN Official Rate)
| Currency Pair | Highest Rate | Lowest Rate |
|---|---|---|
| USD/NGN | ₦1,550 | ₦1,547 |
Please be aware that foreign exchange rates are not fixed and may fluctuate depending on location, demand, time of day, and the volume of transaction. The rates quoted above are indicative of the current trends in both the parallel and official markets but may differ slightly depending on your source or negotiation.
What This Means for Consumers and Businesses
With the gap between the official CBN rate and the black market rate remaining wide, individuals and businesses relying on foreign exchange for imports, international travel, tuition, and other obligations continue to face challenges. Many opt for the parallel market due to difficulties in accessing dollars at the official rate, despite regulatory warnings.
The persistent volatility of the naira against the dollar reflects broader concerns about Nigeria’s foreign reserves, inflation, and overall economic stability. Analysts are closely watching policy responses from the government and the CBN, particularly around monetary tightening, external borrowing, and structural reforms.
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