The naira continues to trade differently across Nigeria’s foreign exchange markets, with a noticeable gap between the parallel (black) market and the official window regulated by the Central Bank of Nigeria.
Black Market (Aboki) Dollar Rate – Lagos
According to Bureau De Change (BDC) sources in Lagos, the dollar exchanged at the following rates on Monday, March 16, 2026:
- Buying Rate: ₦1,410 per dollar
- Selling Rate: ₦1,430 per dollar
This means individuals looking to purchase dollars from the parallel market would pay around ₦1,430, while those selling receive approximately ₦1,410.
Official CBN Dollar Rate
At the official window, the CBN recorded:
- Highest Rate: ₦1,364 per dollar
- Lowest Rate: ₦1,354 per dollar
Key Note
The Central Bank of Nigeria does not officially recognize the black market and has consistently advised individuals and businesses seeking foreign exchange to transact through authorized financial institutions such as banks.
It is also important to note that exchange rates especially in the parallel market are highly volatile and may vary depending on location, demand, and volume of transaction.
