The dollar to naira exchange rate at the Lagos parallel market, popularly known as the black market or Aboki forex market, remained relatively stable as traders quoted the United States dollar at ₦1,412 per dollar for selling and ₦1,400 per dollar for buying.

The exchange rates were obtained from Bureau De Change (BDC) operators and other currency traders in Lagos.

Black Market Dollar to Naira Exchange Rate

Dollar to Naira (USD to NGN) Black Market Rate
Buying Rate ₦1,400
Selling Rate ₦1,412

The black market remains a major source of foreign exchange for many Nigerians despite repeated warnings by the Central Bank of Nigeria (CBN) against patronising the unofficial market.

CBN Official Dollar to Naira Exchange Rate

According to available data from the official foreign exchange market, the Central Bank of Nigeria recorded the following exchange rates for the naira against the US dollar:

Dollar to Naira (USD to NGN) CBN Rate
Highest Rate ₦1,380
Lowest Rate ₦1,376

The official market rate remains lower than the parallel market rate, reflecting the continued gap between demand and the supply of foreign exchange in Nigeria.

The CBN has consistently maintained that it does not recognise the black market as an official channel for foreign exchange transactions. The apex bank has advised individuals and businesses seeking foreign currency to obtain forex through authorised commercial banks and licensed financial institutions.

Meanwhile, exchange rates in the parallel market are subject to fluctuations throughout the day depending on factors such as demand, supply, transaction volume, and location. As a result, the rates offered by individual Bureau De Change operators and currency dealers may differ slightly from those quoted in this report.

Anyone planning to buy or sell foreign currency is therefore advised to confirm the prevailing rate with their preferred forex dealer before concluding any transaction.

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