The exchange rate between the United States dollar and the Nigerian naira remained under pressure in the parallel market on Friday, as the naira continued to trade significantly weaker outside the official window.
Findings from traders at the Lagos parallel market (commonly known as the Aboki forex market) show that the dollar was sold at ₦1,500 and bought at ₦1,480, reflecting persistent demand for foreign currency amid limited supply.
Dollar to Naira Black Market Rate (Today)
- Selling Rate: ₦1,500 per dollar
- Buying Rate: ₦1,480 per dollar
Despite the heavy reliance on the parallel market by businesses and individuals, the Central Bank of Nigeria (CBN) has repeatedly emphasized that it does not recognize or regulate black market transactions. The apex bank has advised Nigerians seeking foreign exchange to conduct their transactions through commercial banks and licensed financial institutions.
Dollar to Naira Official CBN Rate
At the official foreign exchange market, the naira performed slightly stronger against the dollar compared to the parallel market.
- Highest Rate: ₦1,420 per dollar
- Lowest Rate: ₦1,416 per dollar
The wide gap between the official and black market rates continues to raise concerns among analysts, who attribute the disparity to dollar scarcity, rising import demand, and lingering investor confidence issues in the foreign exchange market.
It is important to note that foreign exchange rates are not fixed and may vary depending on location, volume of transaction, and market conditions. As such, the actual rate at which individuals or businesses buy or sell dollars may differ slightly from the figures reported here.
The continued volatility of the naira underscores the need for sustained policy measures aimed at boosting foreign exchange inflows, stabilizing the currency, and restoring confidence in Nigeria’s FX market.
