In Lagos and other major cities, foreign currency dealers often known as Bureau De Change (BDC) operators are buying US dollars at approximately ₦1570 per dollar and selling at about ₦1590 per dollar. These black market rates can vary slightly from location to location and even throughout the day, depending on demand and availability of foreign currency.
Why the Difference in Rates?
It’s important to note that Nigeria operates multiple exchange rate windows:
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The black market rate (or “Aboki” rate) reflects street-level trading where demand often outpaces supply.
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The official Central Bank of Nigeria (CBN) rate is usually lower and more stable, but it is less accessible to ordinary buyers needing personal or business forex.
Official CBN Rates Today
For the same date, the Central Bank of Nigeria’s official exchange rate for the dollar sits between ₦1535 and ₦1547 per USD. This rate is mainly used for formal banking transactions and government-sanctioned imports.
Here’s a comparison table for clarity:
| Market Type | Buying Rate (₦/USD) | Selling Rate (₦/USD) |
|---|---|---|
| Black Market (BDC) | ₦1570 | ₦1590 |
| CBN Official Rate | ₦1535 – ₦1547 | (Typically around ₦1540–₦1547) |
Important Disclaimer
The Central Bank of Nigeria does not officially recognize the black market rate. It has consistently advised individuals and businesses seeking foreign exchange to do so through licensed banks and authorized channels. Buying or selling dollars on the street while common remains outside formal regulation, and rates can change unpredictably.
Moreover, actual rates you get when buying or selling foreign currency may differ from these quoted averages. Prices fluctuate based on negotiation power, location, time of day, and general market conditions.
Additional Context
The persistent gap between official and black market rates is driven by:
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High demand for foreign exchange (for trade, travel, schooling abroad, etc.).
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Limited supply through formal banking channels.
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Ongoing currency volatility and inflation pressures.
These factors have made the parallel market a go-to option for many Nigerians despite regulatory warnings.
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