As of 26th November 2024, the black market exchange rate for USD to NGN in Lagos is N1,752 (buying) and N1,755 (selling). The official CBN rate is N1,664 (buying) and N1,665 (selling). Rates may vary depending on location and financial institutions.
As of today, 26th November 2024, the black market exchange rate for the US Dollar (USD) to Nigerian Naira (NGN) is as follows: the buying rate is N1,752, and the selling rate stands at N1,755 in Lagos. This rate reflects transactions in the parallel market, commonly known as the black market, where foreign exchange is traded outside the official channels. It is important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market, advising individuals seeking to exchange foreign currency to do so through their respective banks.
On Monday, 25th November 2024, the exchange rates at the Bureau De Change (BDC) in the parallel market were recorded at N1,752 for buying and N1,755 for selling. Meanwhile, the CBN official rate for the same day was slightly lower, with the buying rate at N1,664 and the selling rate at N1,665.
The disparity between the official and parallel market rates is a long-standing feature of Nigeria’s forex market, where the demand for dollars often exceeds the supply, driving up the black market rates.
