The parallel market, commonly referred to as the black market, continues to serve as an unofficial currency exchange platform in Nigeria, where individuals can trade foreign currency at rates often higher than those recognized by the Central Bank of Nigeria (CBN).
As of today, 25th September 2024, the dollar to naira exchange rate has been updated based on information from traders within the Bureau De Change (BDC) sector.
What is the Dollar to Naira Exchange Rate Today?
On the Lagos Parallel Market, currency traders are buying dollars at ₦1,664 and selling them at ₦1,675. These rates reflect the latest figures available from reliable sources in the market.
Official CBN Rate
Meanwhile, the Central Bank of Nigeria (CBN) maintains a significantly lower exchange rate. As of today, the CBN’s official rate shows that dollars are bought at ₦1,596 and sold at ₦1,597.
Important Reminder
It’s worth noting that the CBN does not recognize the black market for foreign exchange transactions. The apex bank has directed those in need of foreign currency to approach their respective banks or licensed financial institutions to conduct transactions at the official rate.
Price Variation Warning
As exchange rates can vary across different locations and based on market demand, the rates at which you may buy or sell foreign currency could differ slightly from the figures provided here.
Keep in mind that fluctuations in the dollar-naira exchange rate are influenced by multiple factors, including market conditions, forex availability, and broader economic trends.
