Viral
Dollar to Naira Exchange Rate – Black Market (Aboki) Rate
The Nigerian Naira traded at ₦1,425 per US dollar in the parallel market, popularly known as the black market.
According to Bureau De Change (BDC) sources in Lagos, the buying rate stood at ₦1,410 per dollar, while the selling rate was ₦1,425 per dollar.
Dollar to Naira Black Market Rate
| Dollar to Naira (USD/NGN) | Black Market Rate |
|---|---|
| Buying Rate | ₦1,410 |
| Selling Rate | ₦1,425 |
The black market, also referred to as the parallel market, remains a popular avenue for foreign exchange transactions despite not being officially recognised by the Central Bank of Nigeria (CBN).
The CBN has consistently maintained that individuals and businesses seeking foreign exchange should obtain it through authorised financial institutions, including commercial banks and licensed dealers, rather than the parallel market.
Dollar to Naira CBN Exchange Rate
According to official market data, the CBN exchange rates for the US dollar were as follows:
| Dollar to Naira (USD/NGN) | CBN Rate |
|---|---|
| Highest Rate | ₦1,382 |
| Lowest Rate | ₦1,375 |
The difference between the official and parallel market rates reflects the continued demand for foreign currency outside the official foreign exchange window.
It is important to note that exchange rates may vary depending on the location, transaction volume, and individual Bureau De Change operators. As a result, the rates at which buyers and sellers complete transactions may differ slightly from the figures quoted above.
