Money & ATM Scams in Lagos

Black Market Bureau de Change Counterfeit Notes

Street money changers operating outside official Bureau de Change booths — particularly around Victoria Island and Ikeja — offer exchange rates 10–15% above the official Central Bank rate to lure tourists. The dealer uses sleight of hand to pad the bundle with counterfeit naira or substitute legitimate notes with lower denomination bills folded inside. Victims typically discover the fraud at a shop or ATM deposit. The CBN black market rate itself is technically illegal, creating a double exposure.