As of Sunday, 6th July 2025, the exchange rate of the United States dollar (USD) to the Nigerian naira (NGN) on the Lagos parallel market commonly referred to as the “black market” or “Aboki rate” is as follows:
- Buying Rate: ₦1,555 per $1
- Selling Rate: ₦1,560 per $1
These figures are based on pricing information from Bureau De Change (BDC) operators and local currency traders in Lagos.
It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market. The CBN has consistently urged Nigerians who wish to buy or sell foreign currency to do so through licensed banks and authorized dealers, in order to promote transparency and stabilize the official exchange rate system.
CBN Official Dollar to Naira Exchange Rate Today
For reference, the Central Bank of Nigeria’s official rates on 6th July 2025 are:
- Highest Rate: ₦1,530 per $1
- Lowest Rate: ₦1,526 per $1
The official rate is generally lower than the parallel market rate because it is controlled by the central monetary authority to manage inflation, ensure liquidity, and support the naira.
Why Is There a Difference Between Black Market and CBN Rates?
The disparity between the black market rate and the CBN rate arises mainly from limited dollar supply in the official market, high demand for foreign currency, and policy restrictions. Many businesses and individuals who need foreign exchange especially for imports, education abroad, or travel often resort to the parallel market when they cannot access enough dollars through banks at the official rate.
Foreign exchange rates fluctuate frequently and may vary depending on location, dealer, transaction size, and other factors. Always verify rates with your dealer before making any transaction.
