The exchange rate between the United States dollar and the Nigerian naira continues to fluctuate across the foreign exchange market, particularly within the parallel market, commonly referred to as the black market.
As of Friday, April 3, 2026, traders at the Lagos parallel market indicate that the dollar is being sold at approximately ₦1,425, while the buying rate stands at around ₦1,412. These figures are based on information obtained from operators within the Bureau De Change (BDC) segment, which plays a significant role in Nigeria’s informal forex market.
Despite its widespread usage, the Central Bank of Nigeria (CBN) has consistently maintained that it does not recognise the black market. The apex bank has repeatedly advised individuals and businesses seeking foreign exchange to carry out their transactions through official banking channels.
Black Market Dollar to Naira Rate (Today)
| Transaction Type | Rate |
|---|---|
| Buying Rate | ₦1,412 |
| Selling Rate | ₦1,425 |
Official Dollar to Naira Rate (CBN)
In the official window regulated by the Central Bank, the naira trades at comparatively lower rates:
| Category | Rate |
|---|---|
| Highest Rate | ₦1,385 |
| Lowest Rate | ₦1,373 |
Key Note for Forex Users
Foreign exchange rates are not fixed and can vary depending on location, demand, and transaction volume. As a result, the actual rate at which individuals buy or sell dollars may differ slightly from the figures stated above.
Market observers note that the gap between the official and parallel market rates continues to reflect underlying pressures in Nigeria’s foreign exchange supply system.
