As of Sunday, 29th June, 2025, the exchange rate for the US dollar to the Nigerian naira on the Lagos parallel market (commonly called the black market or “Aboki” market) is as follows:
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Buying rate: ₦1570 per $1
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Selling rate: ₦1590 per $1
These rates are based on information from local Bureau De Change (BDC) operators in Lagos.
Official CBN Exchange Rate
Meanwhile, the Central Bank of Nigeria (CBN) maintains a significantly different official rate:
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Highest official rate: ₦1547 per $1
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Lowest official rate: ₦1535 per $1
It’s important to understand that the CBN does not officially recognize the parallel market. The central bank has repeatedly urged individuals and businesses seeking foreign exchange to use authorized financial institutions such as commercial banks. The official position is that forex transactions should be conducted through these licensed channels to ensure transparency and support monetary policy stability.
Why Do Black Market Rates Differ?
Rates in the parallel market often diverge sharply from official rates due to factors like:
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High demand for dollars outside formal channels, for imports, travel, or business needs.
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Limited supply of forex through official channels, which pushes buyers to the black market.
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Market speculation and economic uncertainty, which can drive rapid fluctuations.
It’s also worth noting that exchange rates can vary by location and by dealer. Even within Lagos, prices may differ slightly depending on the area or the individual BDC operator.
Rates quoted here are indicative. Actual buying and selling rates may vary depending on negotiation, location, and prevailing market conditions at the time of transaction.
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