The exchange rate between the United States dollar and the Nigerian naira at the Lagos parallel market, commonly known as the black market, stood at ₦1420 per dollar for selling and ₦1400 per dollar for buying on Wednesday, March 11, 2026.
Currency traders at the Lagos Bureau De Change (BDC) segment of the parallel market disclosed that the rates reflect ongoing fluctuations in demand and supply for foreign exchange in the informal market.
However, the Central Bank of Nigeria (CBN) has consistently maintained that it does not recognize or regulate transactions carried out in the parallel market. The apex bank has repeatedly advised individuals and businesses seeking foreign exchange to conduct their transactions through authorized financial institutions, particularly commercial banks and licensed forex dealers.
Dollar to Naira Black Market Rate
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate |
|---|---|
| Selling Rate | ₦1420 |
| Buying Rate | ₦1400 |
Dollar to Naira Official CBN Rate
| Dollar to Naira (USD to NGN) | CBN Rate |
|---|---|
| Highest Rate | ₦1388 |
| Lowest Rate | ₦1373 |
Despite the official rate provided through the CBN’s regulated market, many Nigerians still turn to the parallel market to obtain foreign currency due to limited access to forex through banks and official channels.
Market analysts note that the difference between the official rate and the black market rate often reflects pressure on Nigeria’s foreign exchange supply, demand for imports, and speculative trading within the forex market.
It is important to note that exchange rates in the black market are highly volatile and may vary from one location or dealer to another. As a result, the rate at which individuals buy or sell foreign currency could differ slightly from the figures quoted above depending on negotiations and prevailing market conditions.
