Viral
Current Dollar to Naira Exchange Rate: Black Market and CBN Rates
The exchange rate between the United States dollar and the Nigerian naira remained relatively stable in the parallel market on Monday, June 8, 2026, with Bureau De Change (BDC) operators in Lagos quoting the dollar at ₦1,400 for selling and ₦1,390 for buying.
The figures, commonly referred to as the black market or Aboki exchange rate, reflect rates obtained from traders operating in the informal foreign exchange market.
Black Market Dollar to Naira Rate
| Dollar to Naira (USD/NGN) | Black Market Rate |
|---|---|
| Buying Rate | ₦1,390 |
| Selling Rate | ₦1,400 |
The black market continues to serve as an alternative source of foreign exchange for many Nigerians despite repeated warnings from financial regulators. Exchange rates in the parallel market are largely determined by demand and supply and can fluctuate several times within a single trading day.
CBN Official Dollar to Naira Rate
According to available official market data, the Central Bank of Nigeria (CBN) recorded the following exchange rates for the naira against the dollar:
| Dollar to Naira (USD/NGN) | CBN Rate |
|---|---|
| Highest Rate | ₦1,365 |
| Lowest Rate | ₦1,361 |
The gap between the official market and the parallel market highlights the continued pressure on foreign exchange demand and the differences in pricing across Nigeria’s forex markets.
CBN’s Position on the Black Market
The Central Bank of Nigeria has consistently maintained that it does not recognize the parallel foreign exchange market as an official channel for currency trading. The apex bank has repeatedly advised individuals and businesses seeking foreign exchange to conduct transactions through authorized financial institutions and licensed channels.
The CBN argues that the use of official banking platforms promotes transparency, improves market regulation, and helps strengthen confidence in the country’s foreign exchange system.
Why Exchange Rates Differ
Foreign exchange rates often vary from one location to another and may differ from the figures published in reports. Rates are influenced by several factors, including market demand, availability of foreign currency, transaction volume, and the location of the exchange transaction.
As a result, the amount at which individuals buy or sell dollars may be slightly higher or lower than the rates quoted by BDC operators or official sources.
Market observers advise Nigerians involved in foreign exchange transactions to compare rates across authorized dealers and remain aware that exchange rates can change rapidly depending on prevailing economic conditions.
