The exchange rate between the United States Dollar and the Nigerian Naira at the Lagos parallel market, commonly known as the black market, showed slight fluctuations on Wednesday, March 25, 2026.
According to sources from Bureau De Change (BDC) operators, the dollar was sold at an average rate of ₦1,410, while the buying rate stood at approximately ₦1,398. These figures reflect ongoing volatility in the informal foreign exchange market, which continues to operate outside official regulatory frameworks.
Black Market Rates (Lagos)
- Selling Rate: ₦1,410
- Buying Rate: ₦1,398
Meanwhile, at the official window regulated by the Central Bank of Nigeria (CBN), the exchange rate remained relatively lower. Available data indicates that the dollar traded within a range of ₦1,376 to ₦1,391.
Official CBN Rates
- Highest Rate: ₦1,391
- Lowest Rate: ₦1,376
The CBN has consistently maintained that it does not recognise the parallel market and has advised individuals and businesses seeking foreign exchange to conduct their transactions through authorised financial institutions.
Despite this stance, many Nigerians continue to rely on the black market due to limited access to forex through official channels, contributing to the persistent gap between the official and parallel market rates.
It is important to note that exchange rates in the black market are not fixed and may vary depending on location, demand, and the volume of transactions. As such, actual buying or selling rates may differ slightly from the figures quoted above.
