On Wednesday, January 1, 2025, the dollar to naira exchange rate in the black market was recorded at ₦1670 for selling and ₦1660 for buying. This rate, reported by Bureau De Change (BDC) operators in Lagos, reflects the ongoing activity in the parallel market, also known as the black market.
Despite the popularity of the black market for currency exchange, the Central Bank of Nigeria (CBN) has repeatedly emphasized that it does not recognize or endorse transactions outside official banking channels. The CBN encourages individuals to access foreign exchange through authorized banks.
The black market rate continues to highlight the gap between official and parallel market exchange rates, influenced by factors like dollar scarcity, demand pressures, and evolving monetary policies.