The value of the Nigerian naira against the United States dollar showed slight fluctuations in the parallel market, commonly referred to as the black market, on Sunday.
Information obtained from Bureau De Change (BDC) operators in Lagos indicates that the dollar was sold at an average rate of ₦1,410, while the buying rate stood at approximately ₦1,393. These figures reflect the ongoing volatility in the informal foreign exchange market, where rates are largely influenced by demand and supply dynamics rather than official monetary policies.
Despite the widespread use of the parallel market for foreign exchange transactions, the Central Bank of Nigeria (CBN) has consistently maintained that it does not recognize this segment of the market. The apex bank has repeatedly advised individuals and businesses seeking foreign currency to conduct their transactions through authorized financial institutions such as commercial banks.
Black Market Dollar to Naira Exchange Rate
- Selling Rate: ₦1,410
- Buying Rate: ₦1,393
Official CBN Exchange Rate
At the official market window, the naira traded within a narrower band. Data shows that the highest exchange rate recorded was ₦1,362 per dollar, while the lowest rate settled at ₦1,354.
It is important to note that foreign exchange rates are not fixed and may differ depending on location, volume of transaction, and the dealer involved. As a result, the actual rate at which individuals buy or sell dollars could vary slightly from the figures reported here.
The persistent gap between the official and parallel market rates continues to highlight the pressure on Nigeria’s foreign exchange system, driven by factors such as limited dollar supply, import dependency, and market speculation.
