The value of the Nigerian Naira against the U.S. Dollar continues to fluctuate, with significant variations between the official exchange rate and the black market rate.
Below is an update on the current exchange rates for today.

Black Market (Parallel Market) Exchange Rate
According to information obtained from Bureau De Change (BDC) operators in Lagos and other major trading hubs, the exchange rate for the U.S. dollar on the black market is as follows:

Buying Rate: ₦1,620 per $1
Selling Rate: ₦1,630 per $1
It is important to note that the Central Bank of Nigeria (CBN) does not recognize transactions carried out in the parallel market. The regulatory body has consistently warned individuals and businesses against trading forex outside the official channels, emphasizing that all foreign exchange transactions should be conducted through authorized financial institutions, such as commercial banks.

CBN Official Exchange Rate
The official exchange rate set by the Central Bank of Nigeria (CBN) is significantly lower than what is obtainable in the parallel market. As of today, the official exchange rate is:

Highest Rate: ₦1,538 per $1
Lowest Rate: ₦1,520 per $1
While the official exchange rate reflects CBN’s efforts to stabilize the forex market, limited dollar supply at commercial banks has driven many individuals and businesses toward the black market, where rates are determined by demand and supply.

Factors Influencing the Exchange Rate
Several factors contribute to the continuous depreciation of the Naira, including:

Forex Scarcity: Limited availability of U.S. dollars in the official market forces businesses and individuals to rely on the black market.

Inflation: Rising inflation weakens the purchasing power of the Naira, making foreign currencies more expensive.
Foreign Investment Levels: Low foreign direct investment (FDI) and portfolio investment inflows reduce forex reserves, impacting exchange rates.

Economic Policies: Government policies, including restrictions on forex access and trade regulations, influence the exchange rate movement.

Global Economic Trends: International market conditions, oil price fluctuations, and global monetary policies affect Nigeria’s forex reserves and exchange rate stability.
Advice for Forex Traders and Businesses
If you require forex for international transactions, always check with your bank first before turning to the black market.
Be cautious when dealing in the parallel market, as rates fluctuate frequently, and the risks of scams and counterfeit currency exist.

Consider alternative financial strategies, such as diversifying assets, to hedge against forex instability.

Exchange rates are highly volatile, and the figures quoted today may change within hours. Always verify rates from multiple sources before proceeding with forex transactions.

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?

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1685 and sell it for N1700 on Tuesday, January 28, 2024.

Black Market Dollar To Naira Exchange Rate in Lagos and FCT today, 28 January 2025.

The official naira black market exchange rate in Lagos and FCT, Abuja today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

According to Bureau De Change (BDC) sources in the Ogba and Ikeja axis of Lagos state, the exchange rate for a dollar to naira at the Parallel Market (Black Market) is N1700 on Tuesday, January 28, 2024, players bought a dollar for N1685 and sold it for N1700.

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1685 and sell it for N1700 on Tuesday, January 28, 2024.

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 Lagos
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1685
Selling Rate N1700
Dollar to Naira Black Market Rate FCT, Abuja
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1685
Selling Rate N1700
Please note that the rates you buy or sell forex may differ from what is captured in this article because prices vary from state to state across Nigeria.