As of Tuesday, March 3, 2026, the dollar-to-naira exchange rate on the Lagos Parallel Market widely referred to as the black market or Aboki rate remains volatile amid continued pressure on Nigeria’s foreign exchange market.
According to sources at Bureau De Change (BDC) operations in Lagos:
- US Dollar Selling Rate: ₦1,380
- US Dollar Buying Rate: ₦1,360
This means forex dealers are offering one US dollar for ₦1,360 when you sell to them, and charging around ₦1,380 when you buy a dollar from them. These values reflect ongoing demand and supply imbalances in the informal FX market.
CBN Official Exchange Rates
While the parallel market rates often dominate headlines, it’s important to note that the Central Bank of Nigeria (CBN) does not recognize or endorse the black market forex rates. The CBN continues to insist that all foreign exchange transactions should be conducted through authorized channels such as licensed banks and Bureaux De Change operating within regulatory frameworks.
Central Bank of Nigeria rates:
Highest Official Rate: ₦1,405
- Lowest Official Rate: ₦1,370
These figures represent the range at which the CBN has recorded dollar values in official forex windows typically lower than black market prices due to regulatory interventions and forex inflows.
What This Means for Individuals and Businesses
- Individuals: If you need to buy or sell US dollars for personal use such as travel or education the amount you receive might differ from published rates, as dealers often adjust prices based on demand.
- Businesses: Importers and exporters are urged to use official channels to access foreign currency. The CBN has repeatedly warned that reliance on the parallel market exposes businesses to potential fraud, unfavorable pricing, and regulatory risks.
Why Rates Differ
Forex rates in Nigeria vary widely across markets because:
- Demand for hard currency remains high
- Official allocations through banks are limited
- Speculation and market sentiment affect informal rates
- External economic factors influence currency flows
As a result, the amount you pay for a dollar at a BDC booth or through an FX dealer may be slightly different from published figures.
