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Nigeria’s Currency Woes: Black Market Dollar Rates Surge

Nigeria’s Currency Woes: Black Market Dollar Rates Surge

 

The Nigerian Naira is facing turbulent times as black market dollar rates have reached unprecedented levels. According to recent reports, dealers in the Lagos Parallel Market (Black Market) are buying dollars at ₦1570 and selling at ₦1590 as of Sunday, February 9, 2025.

In contrast, the Central Bank of Nigeria (CBN) official rates stand at ₦1503 (highest) and ₦1496 (lowest) as of February 9, 2025. It’s essential to note that the CBN does not recognize parallel market rates and advises individuals to use official banking channels for foreign exchange transactions. Here’s a snapshot of the current black market exchange rates:

Dollar to Naira (USD to NGN) Black Market Exchange Rate (Feb 9, 2025)

Buying Rate: ₦1570 – Selling Rate: ₦1590

Dollar to Naira CBN Official Rate Today (Feb 9, 2025)l

Highest Rate: ₦1503 – Lowest Rate: ₦1496

Keep in mind that exchange prices can fluctuate based on market dynamics, so these rates may

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