Dollar to Naira Exchange Rate on Black Market

On Thursday, May 23, 2024, the exchange rate for the US dollar to the Nigerian Naira at the Lagos Parallel (Black) Market stood at:

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Buying Rate: ₦1,490
Selling Rate: ₦1,505

These rates were reported by sources within the Bureau de Change (BDC) operators in the parallel forex market.

It’s important to note that the Central Bank of Nigeria (CBN) does not recognize or sanction the parallel forex market. The Bank has directed individuals seeking to engage in foreign exchange transactions to approach their commercial banks instead.

The CBN’s official exchange rate for the US dollar to Naira on the same day was:

Buying Rate: ₦1,467
Selling Rate: ₦1,468

Please keep in mind that forex rates can fluctuate and may vary from the figures quoted in this report. Individuals are advised to confirm the current applicable rates with their respective dealers before transacting.

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