Black Market/CBN Exchange Rate Today, 24th March 2025
The exchange rate for the US dollar (USD) to Nigerian Naira (NGN) in the parallel market, also known as the black market, as of 24th March 2025 is N1,590 for 1 USD.
This rate is often sourced from the latest data provided by Bureau De Change (BDC) operators.
As of today, 24th March 2025, the black market buying rate for the US dollar is N1,580 while the selling rate is N1,590.
Given the volatility of the black market, exchange rates fluctuate throughout the day, influenced by economic conditions, speculative trading, and government fiscal and monetary policies. In contrast to the black market, the Central Bank of Nigeria (CBN) maintains an official exchange rate. Today, the CBN rate for one dollar is N1,530.62
For other major currencies in the black market:
British Pound Sterling (GBP): Buying at ₦2010 selling at ₦2030
Euro (EUR): Buying at ₦1,680 selling at ₦1,700
Chinese Yuan (CNY): Buying at ₦215, selling at ₦220
On the official CBN platform nike air force 1 07 black cool grey racer blue white, the rates are considerably lower:
GBP: Buying at N1,984.09, selling at N1,985.39
EUR: Buying at N1,656.73, selling at N1,657.81
CNY: Buying at N211.01, selling at N211.15.
For the Saudi Riyal (SAR), the official rate stands at N407.77 for buying and N408.04 for selling.
Cryptocurrency Exchange Rates
Beyond traditional forex, cryptocurrency prices continue Giuseppe Zanotti low top embossed croc-effect sneakers to fluctuate. As of this report:
Bitcoin (BTC) is valued at ₦170.3 million per BTC, with ₦1 equivalent to 0.0000000068 BTC.
Ethereum (ETH) trades at ₦5.3 million per ETH, with ₦1 equivalent to 0.000000195424 ETH.
Implications of Exchange Rate Disparities
The gap between the official and parallel market rates underscores the challenges in Nigeria’s forex system. Persistent disparities highlight the pressure on the naira, forex supply constraints, and the struggles businesses and individuals face in sourcing foreign currency for legitimate transactions.
Foreign exchange rates also vary across commercial banks and international money transfer operators.
These discrepancies create arbitrage opportunities but also pose serious challenges for businesses reliant on stable forex access. Addressing these fluctuations and fostering stability remains a key priority for policymakers in Nigeria.
Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.
