The exchange rate between the US dollar and the Nigerian naira in the parallel market, commonly known as the black market, showed slight fluctuations on Thursday, March 19, 2026.
Sources from Bureau De Change (BDC) operators in Lagos revealed that the dollar was sold at an average rate of ₦1,408, while buyers purchased it at around ₦1,392. These figures reflect ongoing pressure on the naira amid sustained demand for foreign currency in the informal market.
Black Market Dollar to Naira Rate Today
In the Lagos parallel market:
- Selling Rate: ₦1,408 per dollar
- Buying Rate: ₦1,392 per dollar
The black market continues to serve as an alternative source of foreign exchange for many Nigerians who are unable to access dollars through official banking channels.
Official CBN Exchange Rate
At the official window regulated by the Central Bank of Nigeria (CBN), the naira traded within a lower range:
- Highest Rate: ₦1,362 per dollar
- Lowest Rate: ₦1,349 per dollar
The gap between the official and parallel market rates highlights the persistent imbalance between supply and demand in Nigeria’s foreign exchange market.
CBN Position on Black Market
The CBN has consistently maintained that it does not recognize the black market as a legitimate platform for foreign exchange transactions. The apex bank has advised individuals and businesses seeking forex to utilize authorized financial institutions, including commercial banks.
Market Dynamics and Disclaimer
It is important to note that exchange rates in the parallel market are not fixed and can vary depending on location, volume of transaction, and negotiation between buyers and sellers. As such, the actual rate at which individuals buy or sell dollars may differ slightly from the figures quoted above.
The continued disparity between official and unofficial rates underscores broader economic challenges, including forex scarcity, import dependence, and fluctuating investor confidence in the Nigerian economy.
