The naira continued to trade against the United States dollar at varying rates across the parallel market, as demand for foreign exchange remained high in different parts of the country.
According to sources from Bureau De Change (BDC) operators in the Lagos Parallel Market, popularly known as the black market, traders bought one US dollar at ₦1385 and sold at ₦1395.
Dollar To Naira Black Market Rate
| Dollar to Naira (USD to NGN) | Black Market Rate |
|---|---|
| Buying Rate | ₦1385 |
| Selling Rate | ₦1395 |
Meanwhile, the official exchange rate released through the Central Bank of Nigeria showed lower figures compared to the parallel market rates.
Dollar To Naira CBN Rate
| Dollar to Naira (USD to NGN) | CBN Rate |
|---|---|
| Highest Rate | ₦1366 |
| Lowest Rate | ₦1355 |
The gap between the official market and black market rates continues to reflect the pressure on Nigeria’s foreign exchange market, with many individuals and businesses still relying on the parallel market for easier access to dollars.
The Central Bank of Nigeria has repeatedly maintained that it does not recognise the black market and has advised Nigerians seeking foreign exchange transactions to approach commercial banks and other approved financial institutions.
However, exchange rates in the parallel market often fluctuate during the day depending on demand, location, and the volume of transactions, meaning the rates at which individuals buy or sell dollars may differ slightly from figures quoted publicly.
