The exchange rate between the United States dollar and the Nigerian naira continues to draw close attention as businesses, travelers, and investors monitor daily movements in the foreign exchange market.
As of Sunday, operators at the Lagos parallel market (popularly known as the black market or Aboki FX) disclosed that the dollar is being sold for ₦1,485 and bought at ₦1,479, based on information gathered from several Bureau De Change (BDC) sources.
CBN’s Position on the Black Market
The Central Bank of Nigeria (CBN) has consistently maintained that it does not recognize transactions carried out in the parallel market. The apex bank advises individuals and businesses seeking foreign exchange to channel their requests through authorized financial institutions, particularly commercial banks, in line with official monetary guidelines.
Despite this directive, many Nigerians still rely on the black market due to limited access to dollars and delays associated with official forex channels.
Dollar to Naira Exchange Rates at a Glance
Black Market (Parallel Market) Rates
- Selling rate: ₦1,485 per dollar
- Buying rate: ₦1,479 per dollar
Official CBN Exchange Rates
According to figures from the Central Bank of Nigeria:
What This Means for Nigerians
The noticeable gap between the official exchange rate and the black market rate highlights the persistent pressure on Nigeria’s foreign exchange system.
While the CBN continues efforts to stabilize the naira through policy reforms and market interventions, demand for dollars remains high, particularly for importation, overseas education, medical travel, and international payments.
Important Notice to Forex Users
Exchange rates are not fixed and may differ depending on location, dealer, volume of transaction, and timing. The rates quoted here serve as a general market guide, and actual buying or selling prices may vary slightly from one forex outlet to another.
For official transactions, individuals are encouraged to engage only with licensed banks and authorized dealers to avoid risks associated with unregulated currency trading.
