The Nigerian metropolis is one of the fast-growing cities in the world.
The board's layout was unveiled at an event in Lagos City Hall, with the artificial Banana Island named as the upmarket equivalent of Mayfair in the London edition.
Makoko, the floating slum in the city's lagoon, is the cheapest property for sale on the Lagos board.
Nimi Akinkugbe, the head of Bestman Games which is producing the Lagos edition, told Nigeria's Guardian newspaper ahead of the launch that suggestions for the Mayfair spot were "a hot topic".
The BBC's Tomi Oladipo in Lagos says Banana Island, which got the coveted position, is an artificially created island where the very wealthy reside.
Some properties on the island sell for about $8m (£4.9m) - and it would cost about $150,000 a year to rent a flat there, he says.
The Nigerian Stock Exchange, Murtala Muhammed International Airport and several hotels are other properties on the board.
Other aspects of the game have been tailored for Lagos, like the "Go To Jail" cards, which read: "Go to jail. Go directly to Kirikiri jail," referring to the city's maximum security prison.
Monopoly game was developed in the US, originally based on streets in Atlantic City. A London version of the game was produced in 1935.
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