The exchange rate between the United States dollar and the Nigerian naira continued to attract attention at the Lagos parallel market, commonly referred to as the black market or “Aboki” market.
As of Saturday, currency traders at the Lagos Bureau De Change (BDC) segment of the parallel market confirmed that the dollar was sold at ₦1,500 and bought at ₦1,485. These rates reflect ongoing demand pressures in the informal foreign exchange market, where prices are largely driven by market forces.
It is important to note that exchange rates in the black market are not fixed and may vary slightly depending on location, volume of transaction, and negotiation with individual dealers.
Meanwhile, the Central Bank of Nigeria (CBN) maintains a different official exchange rate regime. The apex bank has consistently reiterated that it does not recognize or support transactions conducted in the parallel market. Instead, individuals and businesses seeking foreign exchange are advised to approach authorized commercial banks and official forex windows.
According to data from the CBN, the official dollar-to-naira exchange rate currently trades within a regulated band. The highest recorded rate stands at ₦1,420 per dollar, while the lowest rate is ₦1,416 at the official market.
The wide gap between the official and parallel market rates continues to reflect supply constraints, demand imbalances, and broader economic conditions affecting Nigeria’s foreign exchange market.
Prospective buyers and sellers are advised to note that the actual rates at which forex transactions are completed may differ from published figures, as prices are subject to constant fluctuations and dealer-specific terms.
