As of February 1, 2025, the exchange rate for the U.S. dollar to the Nigerian naira in the parallel (black) market is as follows:
Buying Rate: ₦1,605 per USD
Selling Rate: ₦1,615 per USD
These rates may differ slightly depending on location and specific forex dealers. Reports from January 31, 2025, indicated a buying price of ₦1,610 and a selling price of ₦1,620 in some markets.
CBN Exchange Rate
The Central Bank of Nigeria (CBN) has a different rate for official transactions:
Highest Rate: ₦1,517 per USD
Lowest Rate: ₦1,490 per USD
Important Notes
The CBN does not recognize the black market and advises individuals to use official banking channels for foreign exchange transactions.
Exchange rates fluctuate frequently, so it is advisable to check with reliable sources before making any transactions.