Economy
SEE Current Black Market Dollar (USD) To Naira (NGN) Exchange Rate
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The exchange rate between the US dollar (USD) and the Nigerian naira (NGN) continues to fluctuate, influenced by economic policies, market demand, and foreign exchange availability.
Below is an overview of the current exchange rates in both the parallel (black market) and official markets.
Black Market (Parallel Market) Exchange Rate – January 29, 2025
The black market, also known as the parallel market, operates outside the regulatory framework of the Central Bank of Nigeria (CBN). Traders and Bureau De Change (BDC) operators in Lagos and other major cities offer the following rates today:
Buying Rate: ₦1,630 per $1
Selling Rate: ₦1,640 per $1
These rates are based on reports from currency traders and may vary slightly depending on location and negotiation power.
Official Exchange Rate – Central Bank of Nigeria (CBN) Rate
The CBN determines the official exchange rate, which is used for transactions involving government-approved forex allocations, import/export activities, and other formal financial dealings. As of January 28, 2025, the official exchange rate stands at:
Highest Rate: ₦1,537 per $1
Lowest Rate: ₦1,530 per $1
It is important to note that the CBN does not recognize the parallel market and has advised individuals and businesses seeking foreign exchange to conduct transactions through licensed banks and authorized forex dealers.
Factors Affecting the Naira’s Value Against the Dollar
Several factors contribute to the exchange rate fluctuations in both the black market and official forex markets. Some key influences include:
Foreign Exchange Reserves: Nigeria’s forex reserves impact the CBN’s ability to intervene in the market and stabilize the naira.
Oil Prices: Since Nigeria is an oil-dependent economy, changes in global oil prices significantly affect the supply of dollars in the country.
Inflation and Economic Policies: High inflation rates, government fiscal policies, and CBN interventions play a role in determining the naira’s strength.
Demand for Foreign Currency: Businesses, importers, and individuals requiring forex for travel, education, or medical reasons often turn to the black market when supply at official rates is limited.
Speculation and Market Sentiment: The perception of Nigeria’s economic stability, political climate, and investor confidence also influence exchange rates.
CBN’s Efforts to Curb Black Market Activities
In recent months, the Central Bank has implemented several measures to reduce dependence on the black market and improve access to forex through official channels. These include:
Strengthening forex regulations to prevent illegal trading.
Increasing dollar supply to banks to meet legitimate demand.
Encouraging foreign investments to boost forex reserves.
Promoting local production to reduce reliance on imported goods, which drives forex demand.
Despite these efforts, the parallel market remains a popular option for many due to the difficulty in obtaining forex at the official rate.
As the Nigerian economy navigates ongoing challenges, forex rates continue to be a critical concern for businesses and individuals. While the official rate remains below the black market rate, the gap between the two highlights the ongoing struggle to stabilize the naira.
For those engaging in forex transactions, it is advisable to compare rates from multiple sources and remain updated on CBN policies to make informed financial decisions.
Would you like me to include predictions on future exchange rates or additional analysis?
Economy
Oyedele Delivers ₦39.63bn Lifeline to 24,814 Pensioners as PTAD Clears Long-Standing DBS Liabilities
L:R: Director General of PTAD, Mrs Tolulope Odunaiya in a warm handshake with the Minister of Finance, Mr Taiwo Oyedele in Abuja.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has reaffirmed his commitment to improving the welfare of Nigerian pensioners with the successful disbursement of ₦39.63 billion to 24,814 eligible Defined Benefit Scheme (DBS) pensioners, ending years of anxious waiting for thousands of retirees.
Working under the supervision of the Federal Ministry of Finance, the Pension Transitional Arrangement Directorate (PTAD) carried out the payments following the Minister’s directive to prioritise the settlement of verified pension liabilities, bringing relief to beneficiaries across the country.
Mr. Oyedele said the payment reflects the administration’s determination to ensure that retired public servants receive the benefits they earned through decades of dedicated service.
“A nation that values service must also honour those who gave their productive years in its service. This payment is about people, not just figures. It is about restoring confidence, rewarding sacrifice and giving thousands of pensioners and their families the reassurance that they have not been forgotten.”
The Minister explained that the disbursement covered three categories of outstanding pension obligations that had accumulated over the years.
According to him, PTAD paid ₦25,053,703,604.12 to clear the outstanding 35-month pension liability owed to 9,675 eligible Defined Benefit Scheme pensioners of the defunct NITEL/MTEL.
The Directorate also disbursed ₦9,481,886,576.53, representing the initial 50 per cent payment of the Back End Computation (BEC) arrears due to 3,959 eligible PHCN Defined Benefit Scheme pensioners.
In addition, PTAD paid ₦5,094,784,054.27, representing the outstanding 50 per cent balance of the 10.66 per cent and 12.95 per cent pension increment arrears due to 11,180 eligible Defined Benefit Scheme pensioners of the defunct Assurance Bank, NICON Insurance, NITEL and People’s Bank of Nigeria.
For many of the beneficiaries, the payments mark the end of years of uncertainty. They provide the means to meet pressing family needs, pay medical bills, support loved ones and enjoy retirement with greater peace of mind.
Mr. Oyedele said government remains mindful of the real lives behind every pension payment.
“Behind every approved payment is a retiree who served this country faithfully, a family that has waited patiently and a story that deserves a positive ending. We will continue to support measures that improve the lives of our senior citizens while maintaining fiscal discipline and accountability.”
The Minister commended the management and staff of PTAD for the prompt implementation of the directive, describing the successful disbursement as evidence of what can be achieved when institutions work together in the public interest.
“PTAD has demonstrated professionalism in implementing this exercise. The Ministry will continue to provide the policy direction and support required to strengthen pension administration and ensure that verified obligations are settled as resources become available.”
The Director-General of PTAD, Mrs. Tolulope Odunaiya, said the Directorate remained focused on delivering efficient pension administration and expressed appreciation to the Honourable Minister for his leadership and support, which made the release and prompt disbursement of the funds possible.
The latest payment represents another important step in the Federal Government’s efforts to improve the welfare of retirees and ensure that public institutions deliver meaningful outcomes for Nigerians under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The Black Market Dollar-to-Naira Exchange Rate for 3rd July 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 3rd July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1408 and buy at ₦1396 on Friday, 3rd July, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1408
Buying Rate ₦1396
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1373
Lowest Rate ₦1360
The Black Market Dollar-to-Naira Exchange Rate for 1st July 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 1st July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1390 on Wednesday, 1st July, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1400
Buying Rate ₦1390
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1385
Lowest Rate ₦1376
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