The exchange rate for USD to Naira in the black market (also known as the parallel market) has been updated for today, 6th February 2025. Here’s what you need to know:
Dollar to Naira Exchange Rate Today (Black Market)
As of today, the exchange rate at the Lagos Parallel Market (Black Market) for the U.S. Dollar to Nigerian Naira stands as follows:
– Buying Rate: ₦1,580
– Selling Rate: ₦1,590
These rates represent the prices at which Bureau De Change (BDC) operators are willing to buy and sell USD in the black market. The market remains volatile, so it’s important to note that the rates can fluctuate throughout the day.
Official Central Bank of Nigeria (CBN) Rate
For comparison, the official Central Bank of Nigeria (CBN) exchange rates are:
– Highest Rate: ₦1,502
– Lowest Rate: ₦1,494
The Central Bank of Nigeria does not endorse or regulate the parallel market. The CBN has advised Nigerians to use official channels, such as banks, when looking to exchange foreign currencies.
Important Note
It’s essential to note that the rates in the parallel market can differ from what is reported here. Forex rates change regularly due to market dynamics, and individuals may encounter slightly different buying or selling prices depending on the location and specific transaction.
As always, the Central Bank of Nigeria encourages individuals and businesses to conduct forex transactions through the banking sector for greater transparency and stability in the market.
