The naira continued to trade under pressure against the United States dollar at the Lagos parallel market, as the exchange rate remained elevated amid sustained demand for foreign currency.
According to information obtained from operators at major Bureau De Change (BDC) outlets, the dollar was sold for ₦1,485, while buyers were offering ₦1,479 per dollar. This reflects the ongoing volatility in Nigeria’s foreign exchange market, particularly within the unofficial segment commonly referred to as the black market.
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize transactions carried out in the parallel market. The apex bank has repeatedly advised individuals and businesses seeking foreign exchange to use licensed financial institutions such as commercial banks and authorized dealers, where rates are regulated and more transparent.
Dollar to Naira Black Market Rate
At the Lagos parallel market, the current exchange levels stand as follows:
- Selling rate: ₦1,485 per dollar
- Buying rate: ₦1,479 per dollar
These figures may vary slightly depending on location, volume of transaction, and prevailing market demand.
Official Dollar to Naira Rate (CBN)
In contrast, the exchange rate at the official market supervised by the Central Bank of Nigeria remains considerably lower. Data from the official window shows:
- Highest rate: ₦1,430 per dollar
- Lowest rate: ₦1,420 per dollar
The noticeable gap between the official and black market rates continues to fuel concerns among analysts, as it reflects lingering challenges in forex supply and confidence in the local currency.
Important Notice
Exchange rates are not fixed and can change at any time. The actual amount you pay or receive when buying or selling foreign currency may differ from published figures, depending on negotiation, market trends, and the dealer involved.
