Today’s Black Market Dollar (USD) To Naira (NGN) Exchange Rate – 24th January 2025

What is the Dollar to Naira Exchange Rate at the Black Market (Parallel Market)?

Below is the black market exchange rate for the Dollar to Naira as of 23rd January 2025. These are the rates at which you can exchange your Dollar for Naira.

Black Market Dollar to Naira Exchange Rate

At the Lagos Parallel Market (Black Market), Bureau De Change (BDC) operators are buying the Dollar at ₦1655 and selling at ₦1665 on Thursday, 23rd January 2025, according to sources.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and has directed individuals seeking foreign exchange (Forex) to go through their banks.

Black Market Exchange Rate

CBN Exchange Rate

Note: The rates at which you buy or sell Forex may vary slightly due to market fluctuations.

Union Bank Implements New PoS Withdrawal Limits

In other news, Union Bank announced the commencement of a daily withdrawal limit on point-of-sale (PoS) terminals following the directive issued by the Central Bank of Nigeria (CBN) on 17th December 2024.

The directive sets a daily withdrawal limit of ₦100,000 and a weekly limit of ₦500,000 per customer on PoS terminals.

In an email to customers, Union Bank stated:
“In line with CBN directives, please note that effective immediately, the daily withdrawal limit on PoS is now ₦100,000, while the weekly limits are now fixed at ₦500,000. Our ATMs remain available for cash withdrawals, and we encourage you to use alternative channels (UnionMobile, *826#, UnionOnline) for transactions.”

This measure aims to address fraud, improve operational standards, and mitigate challenges in the industry.

The announcement comes shortly after the CBN sanctioned nine banks on 14th January 2025 for failing to ensure cash availability via ATMs during the festive season.