The black market exchange rate for the dollar to naira is currently pegged at N1655 for buying and N1660 for selling. While the Central Bank of Nigeria (CBN) offers a lower official rate, many Nigerians continue to engage in parallel market transactions due to accessibility and demand.
As of January 22, 2025, the dollar-to-naira exchange rate in Nigeria's parallel (black) market has seen a slight increase. In Lagos, the buying rate is reported at ₦1,655 per dollar, while the selling rate has climbed to ₦1,660. The rates reflect a growing demand for foreign currency amidst economic pressures.
Despite these figures, the Central Bank of Nigeria (CBN) does not officially endorse or regulate the parallel market and has advised individuals to conduct foreign exchange transactions through licensed banks. The CBN’s official rate stands at ₦1,550 per dollar for the lowest and ₦1,565 for the highest, though these rates are often lower than the market-driven black market rates.
Forex traders have observed increased activity in the parallel market, with sellers and buyers adjusting their rates based on demand. Experts believe that the CBN's tightening policies and control over the financial sector may play a role in the steady rise of black market rates.
