The Nigerian currency continued to fluctuate in the parallel market, as traders at the Lagos Black Market popularly known as the Aboki FX market quoted varying prices for the U.S. dollar.
According to information gathered from Bureau De Change (BDC) operators, the dollar sold at ₦1,470 while buyers were offered ₦1,460 per dollar. This reflects the ongoing volatility in the unofficial forex space, where rates often shift multiple times within the day due to market demand and liquidity pressures.
Important Notice on CBN’s Stance
The Central Bank of Nigeria (CBN) maintains that it does not recognize or endorse the parallel market. The apex bank continues to advise Nigerians to conduct all legitimate foreign exchange transactions through their commercial banks.
CBN officials have repeatedly emphasized that the black market is prone to speculation and pricing irregularities, making it an unreliable benchmark for Nigeria’s official currency valuation.
Dollar to Naira – Black Market (Aboki) Rates
| Category | Exchange Rate |
|---|---|
| Selling Rate | ₦1,470 per $1 |
| Buying Rate | ₦1,460 per $1 |
Dollar to Naira – CBN Official Rates
| Category | CBN Rate Today |
|---|---|
| Highest Official Rate | ₦1,462 per $1 |
| Lowest Official Rate | ₦1,453 per $1 |
The CBN rate is typically used by banks and authorized dealers and may differ significantly from what is obtainable in the parallel market.
Why Forex Rates Differ
Forex prices vary depending on location, market demand, time of day, and the availability of foreign currency. As a result, the rate at which individuals buy or sell dollars may differ slightly from the figures reported here.
