The exchange rate of the US dollar against the Nigerian naira remained elevated at the parallel market on Saturday, August 8, 2026, with the local currency trading at different rates depending on the location and Bureau de Change (BDC) operator.
According to information obtained from sources operating in the Lagos parallel foreign exchange market, the dollar was sold for ₦1,430 and bought for ₦1,415.
This means that customers looking to purchase one US dollar from the parallel market paid about ₦1,430, while those selling one dollar to BDC operators received approximately ₦1,415.
The parallel market rate can vary from one dealer or location to another due to changes in demand and supply, market conditions and the volume of foreign currency available.
Dollar to Naira Black Market Rate Today
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate |
|---|---|
| Selling Rate | ₦1,430 |
| Buying Rate | ₦1,415 |
The rates quoted above are based on information from parallel-market sources in Lagos and should be treated as indicative rather than official rates.
Dollar to Naira CBN Rate Today
The official foreign exchange market also recorded different rates for the dollar against the naira.
According to the figures available for Saturday, August 8, the dollar traded within a range of ₦1,363 to ₦1,367 on the official market.
| Dollar to Naira (USD to NGN) | CBN Rate |
|---|---|
| Highest Rate | ₦1,367 |
| Lowest Rate | ₦1,363 |
Why Dollar Rates Differ
Exchange rates in Nigeria can differ depending on whether the transaction takes place through the official banking system or the parallel market.
The Central Bank of Nigeria (CBN) does not recognise the parallel or black market as an official foreign exchange market. The apex bank has continued to encourage individuals and businesses seeking foreign exchange to use authorised financial institutions and recognised channels.
Meanwhile, parallel-market rates are influenced largely by demand and supply among currency dealers and customers. As a result, rates can change several times within a day.
Important Notice
The dollar-to-naira rates published in this article are provided for informational purposes. The actual rate offered to you may be different from the figures stated above, as foreign exchange prices vary depending on the dealer, location, transaction volume and prevailing market conditions.
Anyone buying or selling foreign currency is advised to confirm the prevailing rate before completing a transaction.
