The exchange rate between the United States dollar (USD) and the Nigerian naira (NGN) continues to fluctuate as market demand and supply pressures persist.
According to traders at the Lagos Parallel Market, popularly known as the black market or Aboki FX, the dollar traded at ₦1,500 for sale and ₦1,480 for purchase on Tuesday, October 21, 2025.
This means that anyone looking to buy dollars from a Bureau De Change (BDC) operator in Lagos would pay around ₦1,500 per dollar, while sellers receive ₦1,480 per dollar, depending on location and dealer negotiation.
Dollar to Naira Black Market Rate Today
| Exchange Type | Buying Rate | Selling Rate |
|---|---|---|
| Parallel Market (Black Market) | ₦1,480 | ₦1,500 |
Dollar to Naira CBN Official Rate Today
At the Central Bank of Nigeria’s official window, the exchange rate remained relatively stable.
The CBN rate as of Tuesday, October 21, 2025, stood between ₦1,462 and ₦1,466 per dollar, reflecting a narrower margin compared to the parallel market.
| Exchange Type | Lowest Rate | Highest Rate |
|---|---|---|
| CBN Official Window | ₦1,462 | ₦1,466 |
Important Notice
The Central Bank of Nigeria (CBN) does not recognize the parallel market for foreign exchange transactions.
Individuals or businesses seeking foreign exchange are strongly advised to conduct such transactions through official banking channels or authorized dealers to ensure transparency and compliance with regulatory guidelines.
Market Insight
The widening gap between the official and black market rates continues to raise concerns among financial analysts. Many attribute the disparity to high demand for foreign currency, limited dollar supply, and speculative trading.
Experts also believe that until Nigeria increases its non-oil export earnings and improves foreign inflows, the naira may remain under pressure in the parallel market.
Exchange rates are highly volatile and can change multiple times within a day. The rates provided in this report are based on information obtained from BDC operators and may vary depending on location and market activity.
