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Dollar to Naira Exchange Rate Today: Latest Black Market (Aboki) and CBN Rates
The exchange rate between the United States dollar and the Nigerian naira remained relatively stable in the parallel market, popularly known as the black market or Aboki market.
According to sources at the Lagos Bureau De Change (BDC) market, the US dollar was bought at ₦1,385 and sold at ₦1,400 during trading activities.
Dollar to Naira Black Market Exchange Rate
| Currency Pair | Buying Rate | Selling Rate |
|---|---|---|
| USD/NGN | ₦1,385 | ₦1,400 |
CBN Dollar to Naira Exchange Rate
Based on available figures from the official market, the exchange rate recorded the following range:
| Currency Pair | Rate |
|---|---|
| Highest Rate | ₦1,385 |
| Lowest Rate | ₦1,376 |
The difference between the official foreign exchange market and the parallel market continues to reflect varying demand and supply dynamics within Nigeria’s forex market.
The Central Bank of Nigeria (CBN) has consistently maintained that it does not recognize the parallel (black) market as an official channel for foreign exchange transactions. Instead, the apex bank has advised individuals and businesses seeking foreign currency to obtain it through authorized financial institutions, including commercial banks and licensed dealers.
It is important to note that foreign exchange rates are highly volatile and may differ depending on location, transaction volume, and the Bureau De Change operator involved. As a result, the rates at which individuals buy or sell dollars may vary slightly from those quoted above.
