The value of the Nigerian naira against the United States dollar continues to attract attention in the foreign exchange market, particularly within the parallel market commonly known as the black market.
As of Saturday, March 7, 2026, currency traders at the Lagos parallel market reported that the dollar was being sold for about ₦1,420, while the buying rate stood at approximately ₦1,400. These figures were obtained from traders operating within the Bureau De Change segment of the market.
The parallel market, often referred to locally as the “Aboki” market, operates outside the official foreign exchange framework regulated by the Central Bank of Nigeria. Despite its unofficial status, many Nigerians still rely on this market to obtain foreign currency due to limited availability through formal banking channels.
Dollar to Naira Black Market Rate
| Currency Pair | Black Market Exchange Rate |
|---|---|
| Dollar to Naira (USD/NGN) | |
| Buying Rate | ₦1,400 |
| Selling Rate | ₦1,420 |
Official Dollar to Naira Rate (CBN)
In contrast, the official exchange rate window supervised by the Central Bank of Nigeria recorded slightly lower figures for the naira against the dollar.
| Currency Pair | CBN Rate |
|---|---|
| Dollar to Naira (USD/NGN) | |
| Highest Rate | ₦1,404 |
| Lowest Rate | ₦1,398 |
The Central Bank maintains that the parallel market is not recognized within Nigeria’s formal financial system. The apex bank has repeatedly advised individuals and businesses seeking foreign exchange to obtain it through licensed financial institutions such as commercial banks.
Why the Parallel Market Remains Active
Despite the regulator’s stance, the black market continues to thrive due to several factors, including strong demand for foreign currency for international trade, school fees, medical expenses abroad, and travel. Limited dollar liquidity in official channels often pushes individuals and businesses toward the informal market.
Important Note for Forex Buyers
It is important to understand that foreign exchange rates in the parallel market can change multiple times within a single day. As a result, the rates at which individuals buy or sell dollars may differ slightly from those reported here, depending on location, negotiation, and market conditions.
Market watchers say fluctuations in the naira’s value will likely remain influenced by Nigeria’s foreign reserves, global oil prices, and policy decisions from the Central Bank of Nigeria in the coming months.
