The exchange rate for the US dollar against the Nigerian naira in the Lagos parallel market (commonly called the black market) stood at approximately ₦1,550 per dollar for buying and ₦1,565 for selling on Monday, 7 July 2025. These figures are based on information from Bureau De Change (BDC) operators in Lagos.
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market for foreign exchange transactions. The apex bank has consistently urged individuals and businesses seeking foreign currency to use authorized channels, such as commercial banks and licensed BDCs operating within regulatory guidelines.
Below is a breakdown of today's exchange rates:
Parallel (Black Market) Rates:
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Buying Rate: ₦1,550 per USD
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Selling Rate: ₦1,565 per USD
Official CBN Rates:
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Highest Official Rate: ₦1,531 per USD
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Lowest Official Rate: ₦1,520 per USD
These CBN rates reflect recent trading benchmarks in the Nigerian official FX market. However, it is crucial to understand that actual transaction rates may differ slightly depending on the source, location, and negotiation between buyers and sellers.
Foreign exchange rates in Nigeria can fluctuate frequently due to various factors, including market demand, supply constraints, government policies, and global economic trends. Individuals and businesses are advised to verify rates with their chosen providers before concluding any transactions.
NB: The rates published here are for informational purposes only. Actual buying or selling rates may vary depending on market conditions and dealer discretion.
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