As of Tuesday, July 29, 2025, the exchange rate between the US Dollar and the Nigerian Naira in the Lagos parallel market commonly referred to as the black market shows the dollar being bought at ₦1,545 and sold at ₦1,550, based on data obtained from Bureau De Change (BDC) sources.
Today’s Black Market Rates (USD/NGN)
| Transaction | Rate (₦) |
|---|---|
| Buying Rate | 1,545 |
| Selling Rate | 1,550 |
It is important to understand that exchange rates in the parallel market can fluctuate rapidly, depending on factors such as market demand, forex availability, and economic policies.
Official Warning from CBN
The Central Bank of Nigeria (CBN) does not officially recognize the black market as a legitimate platform for foreign exchange. The apex bank has consistently advised individuals and businesses seeking forex to use licensed banks and other authorized financial institutions. According to the CBN, relying on the parallel market poses risks and may not reflect true market fundamentals.
CBN Official Exchange Rate (USD to NGN)
| Rate Type | CBN Rate (₦) |
|---|---|
| Highest Rate | 1,535 |
| Lowest Rate | 1,520 |
It’s worth noting that the rates offered by banks and BDCs may vary based on the volume of transactions and the nature of forex needs. Buyers and sellers are advised to confirm rates with their service providers before carrying out any transactions.
Forex rates fluctuate throughout the day. The figures provided in this report represent average values sourced at the time of writing and may differ from current market prices. Always check with your forex dealer for the most up-to-date rate.
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