Dollar to Naira Exchange Rate – Black Market (Aboki Forex Rate)

The naira traded at ₦1,400 per dollar in the Lagos parallel market, commonly known as the black market or Aboki market.

Current Dollar to Naira Black Market Rate

According to sources at Bureau De Change (BDC) operators in Lagos, the exchange rates are as follows:

CBN Dollar to Naira Exchange Rate 

The official exchange rates released by the Central Bank of Nigeria (CBN) are lower than the parallel market rates:

CBN’s Position on the Black Market

The Central Bank of Nigeria (CBN) does not recognize the parallel market for foreign exchange transactions. The apex bank has consistently advised Nigerians seeking forex to obtain it through authorized channels, including commercial banks and licensed financial institutions.

Why the Black Market Rate Differs from the Official Rate

The gap between the black market rate and the official CBN rate is influenced by several factors, including:

• Demand and supply: High demand for dollars often pushes black market rates upward.

• Limited forex availability: Scarcity of foreign currency through official channels can drive individuals and businesses to the parallel market.

• Economic uncertainty: Inflation, import dependency, and global economic conditions can affect the value of the naira.

• Speculation and market sentiment: Traders’ expectations about future exchange rate movements also influence pricing in the parallel market.

Important Notice

Forex exchange rates in the black market are not fixed and may vary depending on location, transaction volume, and market conditions. The rates at which individuals buy or sell dollars could therefore differ from the figures stated above.

What This Means for Nigerians

The continued divergence between the official and black market exchange rates reflects ongoing pressure on Nigeria’s foreign exchange market. For importers, businesses, travelers, and students paying fees abroad, the higher black market rate means increased costs for dollar-denominated transactions.

Analysts say sustained efforts to improve forex liquidity, boost exports, and stabilize the economy will be crucial to narrowing the gap between the official and parallel market rates.

Summary of Today’s Exchange Rates

• Black Market Selling Rate: ₦1,400/$1

• Black Market Buying Rate: ₦1,392/$1

• CBN Highest Rate: ₦1,365/$1

• CBN Lowest Rate: ₦1,362/$1

As exchange rates remain volatile, Nigerians are advised to monitor market trends and use authorized financial channels for official forex transactions.