Viral
Dollar to Naira Exchange Rate: Black Market and CBN Rates
The Nigerian naira continued to trade against the United States dollar at rates above ₦1,400 in the parallel market, commonly referred to as the black market, amid ongoing demand for foreign exchange.
According to information gathered from Bureau De Change (BDC) operators in Lagos on Friday, June 12, 2026, the dollar was purchased at ₦1,396 and sold at ₦1,409 in the parallel market.
Black Market Dollar to Naira Exchange Rate
| Currency Pair | Buying Rate | Selling Rate |
|---|---|---|
| USD/NGN | ₦1,396 | ₦1,409 |
The parallel market remains a major source of foreign exchange for many Nigerians despite repeated warnings from the Central Bank of Nigeria (CBN) against patronizing unauthorized forex dealers.
CBN Official Dollar to Naira Rate
Data from the official foreign exchange market showed that the naira traded within a narrower range against the dollar.
| Currency Pair | Rate |
|---|---|
| Highest Rate | ₦1,365 |
| Lowest Rate | ₦1,362 |
The difference between the official exchange rate and the black market rate highlights the persistent gap between both markets, a situation that continues to attract attention from investors, businesses, and economic analysts.
The Central Bank of Nigeria has consistently maintained that it does not recognize the parallel market as an official platform for foreign exchange transactions. The apex bank has advised individuals and businesses seeking foreign currency to obtain it through authorized financial institutions and commercial banks.
Economic observers say fluctuations in the exchange rate are largely influenced by demand and supply dynamics, foreign exchange inflows, import obligations, and broader macroeconomic conditions. As a result, rates in the parallel market can change several times within a single trading day depending on market conditions.
It is important to note that the exchange rates quoted by BDC operators and forex traders may vary from one location to another. Consequently, the actual rate at which individuals buy or sell foreign currency could differ from the figures stated above.
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