The naira continues to trade against the United States dollar at the parallel market, commonly referred to as the black market. As of Tuesday, March 31, 2026, currency traders in Lagos report that the dollar is being sold at ₦1,430, while the buying rate stands at ₦1,410, based on information obtained from Bureau De Change (BDC) operators.
Black Market (Parallel Market) Rates
At the Lagos parallel market:
- Selling Rate: ₦1,430 per dollar
- Buying Rate: ₦1,410 per dollar
Official CBN Exchange Rates
Meanwhile, the Central Bank of Nigeria (CBN) maintains a different official exchange window. According to available data:
- Highest Rate: ₦1,388 per dollar
- Lowest Rate: ₦1,385 per dollar
The apex bank has consistently reiterated that it does not recognize the black market as a legitimate channel for foreign exchange transactions. Instead, it advises individuals and businesses seeking forex to conduct their transactions through authorized financial institutions such as commercial banks.
Important Notice
It is worth noting that exchange rates in the parallel market are highly volatile and may vary depending on location, demand, and transaction volume. As such, the actual rate at which individuals buy or sell foreign currency may differ slightly from the figures quoted above.
