The naira continued to trade under pressure against the United States dollar at the Lagos parallel market, as foreign exchange dealers quoted the dollar at ₦1,480 for selling and ₦1,477 for buying, according to checks from Bureau De Change (BDC) operators.
The persistent gap between the official and unofficial markets reflects ongoing demand for foreign currency, driven largely by import needs, international tuition payments, medical travel, and limited dollar liquidity in the formal banking system.
It is important to note that the Central Bank of Nigeria (CBN) does not recognize transactions carried out in the parallel (black) market. The apex bank has repeatedly advised Nigerians who require foreign exchange for legitimate purposes to obtain it through approved channels such as commercial banks and licensed financial institutions.
Dollar to Naira Black Market Rate
| Currency Pair | Exchange Type | Rate |
|---|---|---|
| USD to NGN | Selling Rate | ₦1,480 |
| USD to NGN | Buying Rate | ₦1,477 |
Official CBN Dollar to Naira Rate
At the official window, the naira exchanged at a significantly lower range compared to the black market:
| Currency Pair | Rate Type | Amount |
|---|---|---|
| USD to NGN | Highest Rate | ₦1,430 |
| USD to NGN | Lowest Rate | ₦1,420 |
The difference between the official and parallel market rates continues to create arbitrage opportunities, while also highlighting the challenges facing Nigeria’s foreign exchange management system.
Why Rates May Differ
Foreign exchange prices are not fixed and may vary depending on several factors, including:
- Location and availability of dollars
- Volume of transaction
- Market demand and supply conditions
- Individual BDC operator pricing
As a result, the actual rate you receive when buying or selling dollars may differ slightly from the figures quoted in this report.
