Current Black Market Exchange Rate – April 23, 2025
As of April 23, 2025, the black market exchange rates for the US Dollar (USD) to Nigerian Naira (NGN) are:
-
Buying Rate: ₦1,595 per $1
-
Selling Rate: ₦1,605 per $1
These rates are sourced from Bureau De Change (BDC) operators and reflect the prevailing rates in major cities such as Lagos, Abuja, and Kano .
Official CBN Exchange Rate
In contrast, the Central Bank of Nigeria (CBN) has set the official exchange rate at:
The disparity between the official and black market rates underscores the ongoing challenges in Nigeria’s foreign exchange market.
Factors Influencing the Naira’s Performance
Several factors contribute to the Naira’s current valuation:
-
High Demand for USD: Importers, students studying abroad, and travelers increase the demand for foreign currency.
-
Limited Forex Supply: The CBN’s restricted allocation of foreign exchange to banks pushes individuals and businesses to the black market.
-
Economic Instability: Inflation, fluctuating oil prices, and other economic uncertainties weaken investor confidence.
-
Speculative Activities: Traders hoarding foreign currency in anticipation of further depreciation exacerbate the situation.
Tips for Currency Exchange
-
Verify Rates: Always confirm the current rates from multiple reliable sources before any transaction.
-
Use Trusted Dealers: Engage with reputable BDC operators to avoid scams.
-
Stay Informed: Monitor economic news and CBN announcements that may affect exchange rates.
Conclusion
The Naira’s performance in the black market reflects broader economic challenges. Staying informed and cautious is essential for individuals and businesses dealing with foreign exchange. For daily updates and more insights, consider visiting reputable financial news platforms and the official CBN website.
Note: Exchange rates are subject to change and may vary based on location and dealer. Always exercise due diligence when engaging in currency transactions.