Where do these rates come from?

Black market rates are collected daily from BDC operators in Lagos (Wuse Zone 4 Abuja, Broad Street, Allen Avenue, Computer Village). CBN official rates come from the CBN's Nigerian Foreign Exchange Market (NFEM) window. Rates are indicative averages.

Why is the dollar so expensive in Nigeria?

Nigeria earns ~$35-40B/year from oil exports but the economy demands $50-60B in imports plus capital flows. The shortfall is filled by the parallel (black) market where supply and demand set prices, not policy.

🇺🇸1,000 US Dollar to Naira

Today's exchange rate: 1,000 $ = ₦1,400,000

Black market sell

₦1,400,000

Black market buy

₦1,387,000

CBN official

₦1,374,000

🛒 What can ₦1,400,000 buy in Lagos?

🏠

month rent in Alimosho

@ ₦80,000/month

🏠

month rent in Yaba

@ ₦250,000/month

🍚

bag of rice (50kg)

@ ₦61,625/bag

⚡

month of Band A power (avg household)

@ ₦285,000/month

🎓

year at a public university (avg)

@ ₦350,000/year

🐔

237

kg of chicken

@ ₦5,900/kg

Reverse: Naira to US Dollar

₦1,400,000 = $1,000 at black market rate

Quick conversion table

Amount	Black market	CBN
$1	₦1,400	₦1,374
$5	₦7,000	₦6,870
$10	₦14,000	₦13,740
$50	₦70,000	₦68,700
$100	₦140,000	₦137,400
$500	₦700,000	₦687,000
$1,000	₦1,400,000	₦1,374,000
$5,000	₦7,000,000	₦6,870,000
$10,000	₦14,000,000	₦13,740,000

💱 Currency Converter

Amount

From currency

Black market (sell)

₦1,400,000

Black market (buy)

₦1,387,000

CBN official

₦1,374,000

Spread: +₦26,000 extra naira you pay vs the CBN official rate

Frequently Asked Questions

The CBN rate is the official rate set by the Central Bank of Nigeria for licensed banks and importers. The black market rate is set by Bureau de Change (BDC) operators where most ordinary Nigerians actually buy currency. The black market rate is usually higher because of dollar scarcity at official channels.

Important Disclaimer

The parallel market ("black market") exchange rates displayed on this page are collected from Bureau de Change (BDC) operators in Lagos and are provided for informational purposes only. These rates are indicative averages and may differ from the rate you receive in an actual transaction depending on your location, transaction volume, time of day, and the specific dealer.

Lagos.cool does NOT trade, buy, sell, or exchange any currency. We are an information platform only. We do not endorse, recommend, or facilitate any foreign exchange transactions. For currency exchange, please use licensed Bureau de Change operators, your commercial bank, or other authorized financial institutions.

The Central Bank of Nigeria (CBN) does not recognize the parallel market. The official CBN exchange rate, where shown, is the rate available through authorized financial institutions. Exchanging currency outside official channels carries risks including fraud, counterfeit currency, and legal liability. Always exercise caution and verify rates before transacting.

Rates are updated daily but may change multiple times within a single day. Lagos.cool makes no guarantee of accuracy, completeness, or timeliness. Exchange rates are not financial advice. Consult a licensed financial advisor for investment decisions.