The naira continues to trade at a significant gap between the official and parallel markets, reflecting persistent pressure in Nigeria’s foreign exchange system.
As of Saturday, March 28, 2026, the dollar-to-naira exchange rate at the Lagos parallel market commonly referred to as the black market or Aboki FX shows that the U.S. dollar is being sold at around ₦1,430 and bought at approximately ₦1,410, according to sources within the Bureau De Change (BDC) segment.
Despite the widespread use of the parallel market for foreign exchange transactions, the Central Bank of Nigeria (CBN) maintains that it does not recognise or regulate black market operations. The apex bank has consistently advised individuals and businesses seeking foreign exchange to conduct transactions through official banking channels.
Black Market (Parallel Market) Rates
- Selling Rate: ₦1,430 per dollar
- Buying Rate: ₦1,410 per dollar
Official CBN Rates
At the official window, the naira trades within a narrower band:
- Highest Rate: ₦1,384 per dollar
- Lowest Rate: ₦1,377 per dollar
The disparity between the official and parallel market rates highlights ongoing liquidity constraints and sustained demand for foreign currency outside formal channels.
Market analysts note that exchange rates in the parallel market are highly volatile and can vary depending on location, transaction size, and negotiation between buyers and sellers. As a result, the actual rate at which individuals purchase or sell foreign exchange may differ slightly from published figures.
