The value of the United States dollar against the Nigerian naira in the parallel market, popularly referred to as the black market, remained relatively stable on Sunday, March 15, 2026.
Currency traders at the Lagos parallel market, commonly known as the Aboki foreign exchange market, disclosed that the dollar exchanged at an average selling rate of ₦1,430, while buyers purchased the currency at around ₦1,410.
These figures were obtained from operators at several Bureau De Change (BDC) outlets who monitor daily trading activities within the informal forex market.
Black Market Dollar to Naira Rate
- Buying Rate: ₦1,410 per dollar
- Selling Rate: ₦1,430 per dollar
The parallel market continues to play a major role in Nigeria’s foreign exchange landscape, especially for individuals and businesses that struggle to access foreign currency through official banking channels.
Official CBN Dollar to Naira Rate
Meanwhile, the official exchange rate provided through the foreign exchange window monitored by the Central Bank of Nigeria recorded slightly lower figures compared to the parallel market.
According to available data:
- Highest Rate: ₦1,374 per dollar
- Lowest Rate: ₦1,362 per dollar
The difference between the official and parallel market rates highlights the ongoing demand pressure for foreign currency within Nigeria’s economy.
CBN’s Position on the Black Market
It is important to note that the Central Bank of Nigeria does not recognise the operations of the parallel market. The apex bank has consistently advised individuals and businesses seeking foreign exchange to conduct transactions through authorised financial institutions and licensed dealers.
Despite this directive, many Nigerians still turn to the black market due to limited access to foreign currency through the official channels.
Exchange Rate Disclaimer
Currency exchange rates in the parallel market are not fixed and may fluctuate depending on location, demand, and the volume of transactions. As a result, the actual rate at which individuals buy or sell foreign currency may differ slightly from the figures quoted above.
