The Nigerian naira continues to fluctuate against the United States dollar across both the official and parallel foreign exchange markets.
On Monday, March 9, 2026, traders at the Lagos parallel market commonly referred to as the black market said the U.S. dollar was being sold for about ₦1,420 and bought at approximately ₦1,400. The figures were obtained from operators within the Bureau De Change (BDC) segment who monitor daily forex transactions in the city.
Although the parallel market remains widely used by individuals and businesses seeking foreign currency, the Central Bank of Nigeria does not officially recognize it. The apex bank has repeatedly advised Nigerians who need foreign exchange to obtain it through licensed financial institutions such as commercial banks.
Dollar to Naira Black Market Rate
| Currency Pair | Black Market Exchange Rate |
|---|---|
| Dollar to Naira (USD/NGN) | |
| Selling Rate | ₦1,420 |
| Buying Rate | ₦1,400 |
Official Dollar to Naira Rate (CBN)
Data from the official window monitored by the Central Bank of Nigeria shows that the naira traded within a slightly different range against the dollar.
| Currency Pair | CBN Rate |
|---|---|
| Dollar to Naira (USD/NGN) | |
| Highest Rate | ₦1,425 |
| Lowest Rate | ₦1,402 |
Important Notice for Forex Transactions
Foreign exchange rates in the parallel market can vary depending on location, transaction volume, and demand. As a result, the rate at which individuals buy or sell dollars may differ slightly from the figures stated above.
Analysts note that movements in the naira’s value are influenced by factors such as foreign exchange supply, Nigeria’s external reserves, import demand, and monetary policies implemented by the Central Bank of Nigeria.
