Lagos‑area currency traders (the “Aboki” market) quoted the U.S. dollar at ₦1,625 to buy and ₦1,635 to sell on Sunday, 18 May 2025, according to Bureau‑de‑Change sources.
Reminder: The Central Bank of Nigeria (CBN) does not endorse or monitor the parallel market. Anyone with legitimate foreign‑exchange needs is expected to use their commercial bank.
Snapshot of Today’s Rates
| Market | Buy (₦) | Sell (₦) |
|---|---|---|
| Black market | 1,625 | 1,635 |
| CBN official window* | 1,597 (low) – 1,603 (high) |
*The CBN window reflects rates seen on licensed platforms such as the Investors’ & Exporters’ (I&E) window. Figures move throughout the trading day.
- Demand‑supply mismatch – Businesses and individuals often need dollars faster than banks can provide them, pushing traffic to roadside dealers.
- Import‐driven economy – Nigeria relies heavily on imported goods, so importers hunt for dollars even when official allocations tighten.
- Speculation and hoarding – When the naira weakens, some traders hold dollars hoping to sell at higher rates, amplifying scarcity.
- Policy expectations – Announcements or rumours about CBN interventions, interest‑rate moves, or oil‑revenue swings can trigger abrupt swings in the parallel market.
- Travel & tuition: Budget extra naira if you must source dollars outside the banking system.
- Remittances: Friends or family sending money home may obtain better value using official remittance channels, where rates track the I&E window.
- Businesses: Lock in forward contracts or explore CBN FX auctions if your cash‑flow exposure is large.
- Investors: A widening spread between official and parallel rates often signals pressure on foreign‑exchange reserves and can influence equity and bond pricing.
Staying Updated
Black‑market prices change quickly—sometimes several times a day. Check:
- Authorised dealer bulletins for official rates.
- Credible financial‑news platforms for midday parallel‑market snapshots.
- CBN press releases for policy moves that may narrow or widen the gap.
Rates quoted here serve as a guide only; the price you ultimately pay or receive may differ based on volume, timing, and location.
