The United States Dollar (USD) exchanged at the rate of ₦1,535 for buying and ₦1,540 for selling in the Lagos parallel market, commonly referred to as the black market, on Thursday, July 24, 2025.
This information is based on data gathered from key players and currency dealers in the Bureau De Change (BDC) sector.
Important Notice from the Central Bank of Nigeria (CBN)
It is essential to highlight that the Central Bank of Nigeria (CBN) does not officially recognize the parallel (black) market as a legitimate platform for foreign exchange transactions. The apex bank has repeatedly advised Nigerians to conduct all forex-related transactions through authorized commercial banks and regulated financial institutions for transparency and regulatory compliance.
Breakdown of Exchange Rates – July 24, 2025
Dollar to Naira – Parallel Market (Black Market)
| Transaction Type | Rate (₦/USD) |
|---|---|
| Buying Rate | ₦1,535 |
| Selling Rate | ₦1,540 |
Dollar to Naira – Official CBN Rate
| Transaction Type | CBN Rate (₦/USD) |
|---|---|
| Buying Rate | ₦1,533 |
| Selling Rate | ₦1,533 |
Exchange rates are highly volatile and can change within hours due to fluctuations in the forex market. The rates quoted above are as at the morning of July 24, 2025, and may not reflect the exact amount you will receive when making a transaction, depending on the source, location, and volume of exchange.
What You Should Know
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The black market often provides rates that are significantly different from the official rates offered by the CBN and commercial banks.
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Market demand, forex scarcity, and macroeconomic factors like inflation and oil prices continue to impact the Naira's value.
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For large transactions or international business, it is safer and more advisable to go through authorized dealers to avoid fraud and ensure compliance with Nigerian financial regulations.
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