By Daniel Edu
As of today, 30th December 2024, the exchange rate for USD to NGN in the black market (parallel market) is as follows:
– **Buying Rate**: ₦1,660
– **Selling Rate**: ₦1,670
This rate reflects the prices at which Bureau De Change (BDC) operators in Lagos are exchanging U.S. dollars for Nigerian Naira. However, it’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market, advising individuals to engage in foreign exchange transactions through approved banks.
### Official Exchange Rate (CBN Rate)
– **Highest CBN Rate**: ₦1,550
– **Lowest CBN Rate**: ₦1,532
### Economic Outlook & Forecast
In terms of the official exchange rate, the Naira is expected to face continued pressure in 2025. According to a recent report by **Afrinvest**, the Naira could reach a fair value of **₦1,804 per dollar** in the official market by 2025, driven by challenges in meeting foreign exchange demands and managing market fluctuations. The report highlights that exchange rate volatility is likely to persist in the coming months, with the Central Bank of Nigeria (CBN) facing constraints in sustaining the current levels of forex supply.
This forecast contrasts with the **₦1,500 per dollar** rate suggested in the 2025 national budget, illustrating the growing concerns over the stability of the Naira and its exchange rate dynamics in the near future.
Please note that exchange rates in both the black market and official channels can vary depending on the location and prevailing market conditions.
