The naira continued to trade at a weaker level against the United States dollar at the Lagos parallel market, popularly known as the black market.
Checks among foreign exchange traders and Bureau De Change (BDC) operators in Lagos revealed that the US dollar was sold at ₦1,460, while buyers purchased the greenback at ₦1,440 per dollar.
These rates reflect ongoing volatility in the informal foreign exchange market, which often reacts more quickly to demand and supply pressures than the official market.
Dollar to Naira Black Market Rates
- Selling rate: ₦1,460 per dollar
- Buying rate: ₦1,440 per dollar
It is important to note that the Central Bank of Nigeria (CBN) does not recognize transactions carried out in the parallel market. The apex bank has consistently warned against patronising black market operators and has advised individuals and businesses seeking foreign exchange to use authorised channels, particularly commercial banks.
Official Dollar to Naira CBN Exchange Rate
At the official market, data from the Central Bank of Nigeria shows a significantly lower exchange rate for the naira against the dollar.
According to available figures:
- Highest official rate: ₦1,370 per dollar
- Lowest official rate: ₦1,361 per dollar
The wide gap between the official and parallel market rates continues to highlight challenges within Nigeria’s foreign exchange system, including dollar scarcity, import demand, and investor confidence.
Important Notice to Forex Users
Foreign exchange rates are not fixed and may vary depending on location, volume, timing, and the dealer involved. As a result, the actual rates at which individuals buy or sell dollars may differ slightly from those quoted in this report.
