The exchange rate between the US dollar and the Nigerian naira remains a crucial topic for individuals and businesses involved in foreign exchange transactions.
As of Friday, March 14, 2025, reports from sources within the Lagos Parallel Market (Black Market) indicate that the buying rate for a dollar is ₦1,585, while the selling rate stands at ₦1,590.
Important Notice on Black Market Transactions
The Central Bank of Nigeria (CBN) has consistently emphasized that it does not recognize or regulate the parallel market (black market). Instead, individuals and businesses requiring foreign exchange are advised to process their transactions through official channels, such as commercial banks and licensed forex dealers.
Current Dollar to Naira Exchange Rates
Black Market Exchange Rate (Unofficial Rate) – March 14, 2025
Exchange Type Rate (₦)
Buying Rate ₦1,585
Selling Rate ₦1,590
CBN Official Exchange Rate – March 14, 2025
Rate Type Value (₦)
Highest Rate ₦1,548
Lowest Rate ₦1,480
Why Do Exchange Rates Vary?
Foreign exchange rates in Nigeria fluctuate based on several factors, including:
Supply and Demand: The availability of dollars in the market influences pricing. Higher demand with limited supply often leads to a stronger dollar against the naira.
Economic Policies: Government regulations, monetary policies, and CBN interventions affect the exchange rate.
Inflation & External Reserves: The strength of Nigeria’s foreign reserves plays a role in currency stability. Lower reserves may weaken the naira.
Disclaimer:
Exchange rates are highly volatile and may differ depending on location, volume of transaction, and the source of exchange. It is advisable to confirm rates with your forex dealer before proceeding with any transaction.