Today's Dollar To Naira Exchange Rate: What You Need To Know

What's Happening with the Dollar to Naira Exchange Rate in the Parallel Market?

Hey there, let’s break it down for you. If you're wondering about the current exchange rate between the U.S. dollar and the Nigerian naira in the parallel market—also known as the black market or Aboki FX—here's the scoop. Let’s dive into what's happening on the 28th of March.

So, How Much is a Dollar Worth in Naira Today in the Parallel Market?

Latest Dollar to Naira Exchange Rate in the Parallel Market

Alright, let’s get right to it. As of Friday, March 28th, 2025, the exchange rate for the U.S. dollar to the Nigerian naira in the Lagos Parallel Market (also referred to as the black market) stands at ₦1540 when buying and ₦1550 when selling, according to sources from the Bureau De Change (BDC).

Now, just to clarify, the Central Bank of Nigeria (CBN) doesn’t officially recognize the parallel market or black market transactions. Instead, they encourage individuals who need to exchange foreign currency to approach their respective banks. But hey, we all know that sometimes the black market can be a go-to option for many folks looking for quick exchanges.

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Here’s the Dollar to Naira Black Market Rate Today

What About the CBN Rate for the Dollar to Naira Today?

Just a Heads Up: The Rates You Encounter May Vary

Keep in mind that the rates you see here might not always match what you encounter in real-time transactions. Prices can fluctuate depending on supply and demand, so it's always wise to double-check before making any moves.

Now, let’s shift gears and talk about something interesting happening in Nigeria’s financial landscape. Nigeria’s Money Supply (M2) has seen a significant increase of 17.3 percent year-on-year. It reached a whopping ₦110.3 trillion in February 2025, up from ₦93.97 trillion during the same period in 2024. This information comes straight from the Central Bank of Nigeria (CBN) in their recently released Money and Credit Statistics.

According to Naija News, the report also highlighted a 13.4 percent year-on-year decline in credit to the economy, which fell to ₦99.4 trillion in February 2025. This dip is mainly attributed to reduced lending to both the government and the private sector.

Key Insights from the CBN’s Money and Credit Statistics

The CBN’s detailed data shows that positive changes have influenced the annual growth in the money supply across various components. For instance, Quasi-money—which includes savings deposits, time deposits, and other near-money assets—saw a 14 percent year-on-year increase, rising to ₦72.7 trillion from ₦63.7 trillion in February 2024.

Additionally, Demand Deposits experienced a substantial rise of 22.8 percent year-on-year, reaching ₦33.05 trillion in February 2025, compared to ₦26.9 trillion in February 2024. This growth indicates a growing trend in liquidity and financial activity within the Nigerian economy.