The exchange rate between the US dollar and the Nigerian Naira remains a key concern for traders and businesses, with fresh figures showing a gap between the official and parallel markets.
Black Market (Aboki) Rate
At the Lagos parallel market, commonly referred to as the black market, currency dealers are selling one dollar for ₦1,430 and buying at ₦1,412, based on information obtained from Bureau De Change (BDC) operators.
Official CBN Rate
Meanwhile, data from the Central Bank of Nigeria indicates that the dollar traded within a range of:
- Highest Rate: ₦1,362
- Lowest Rate: ₦1,349
Key Note
It is important to note that the Central Bank of Nigeria does not officially recognize the black market. The apex bank has consistently advised individuals and businesses seeking foreign exchange to go through authorized financial institutions.
Market Reality
Due to fluctuating demand and supply, actual exchange rates may vary slightly from what is reported, especially in the parallel market where prices are largely determined by negotiation and availability.
The continued disparity between official and black market rates highlights ongoing pressure in Nigeria’s foreign exchange market.
