The value of the United States dollar against the Nigerian naira at the Lagos parallel market commonly referred to as the black market remains a key indicator for many traders and individuals seeking foreign exchange outside official banking channels.
As of Tuesday, March 10, 2026, currency dealers at the Lagos parallel market disclosed that the dollar is being sold for ₦1,420 and bought for ₦1,400 by Bureau De Change (BDC) operators.
The black market rate, popularly known as the Aboki FX rate, is widely monitored by businesses, importers, and travelers who often rely on the informal market due to the challenges associated with accessing foreign currency through official banking systems.
Dollar to Naira Black Market Rate
USD to NGN (Parallel Market – Lagos)
- Buying Rate: ₦1,400
- Selling Rate: ₦1,420
This means that BDC operators purchase one dollar from customers at around ₦1,400 and sell it at approximately ₦1,420.
Official Dollar to Naira Rate
According to data from the Central Bank of Nigeria (CBN), the official exchange rate recorded different values within the regulated foreign exchange market.
CBN Official Rate (USD to NGN)
- Highest Rate: ₦1,415
- Lowest Rate: ₦1,381
The CBN continues to emphasize that the parallel market is not recognized within Nigeria’s official foreign exchange framework. The apex bank has consistently advised individuals and businesses seeking foreign currency to conduct their transactions through licensed financial institutions and commercial banks.
Why Rates May Differ
It is important to note that exchange rates in the black market are not fixed. Prices may vary depending on factors such as location, demand and supply of foreign currency, and negotiations between buyers and sellers. As a result, the actual rate at which individuals buy or sell dollars may differ slightly from the figures quoted above.
Foreign exchange rates in Nigeria often fluctuate daily, influenced by economic policies, global currency movements, and the availability of foreign reserves in the country.
