The Nigerian naira continues to fluctuate against the United States dollar across the country’s foreign exchange markets, with many traders and businesses closely monitoring developments in both the official and parallel markets.
On Sunday, March 8, 2026, currency traders at the Lagos parallel market commonly referred to as the black market said the U.S. dollar was selling for about ₦1,420 and buying at ₦1,400. The figures were obtained from operators within the Bureau De Change (BDC) segment of the market who track daily forex transactions.
Despite the popularity of the parallel market among individuals seeking quick access to foreign currency, the Central Bank of Nigeria maintains that the market is not recognized within Nigeria’s official financial system. The apex bank has repeatedly advised Nigerians who need foreign exchange to obtain it through licensed financial institutions, particularly commercial banks and approved forex dealers.
Dollar to Naira Black Market Rate Today
| Currency Pair | Black Market 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 a slightly lower range for the naira against the dollar.
| Currency Pair | CBN Rate |
|---|---|
| Dollar to Naira (USD/NGN) | |
| Highest Rate | ₦1,404 |
| Lowest Rate | ₦1,398 |
Important Notice for Forex Traders
Foreign exchange rates in the parallel market often vary depending on demand, location, and the volume of transactions involved. As a result, the price at which individuals buy or sell dollars may differ slightly from the figures stated above.
Market analysts say the value of the naira in both the official and unofficial markets continues to be influenced by factors such as dollar supply, Nigeria’s foreign reserves, import demand, and monetary policies implemented by the Central Bank of Nigeria.
