As of Tuesday, July 1, 2025, the exchange rate at the Lagos parallel market (commonly called the black market) is as follows:
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Buying Rate: ₦1570 per US dollar
-
Selling Rate: ₦1575 per US dollar
These rates are based on information gathered from Bureau De Change (BDC) operators in Lagos.
The Central Bank of Nigeria (CBN) does not officially recognize or endorse rates from the parallel market. The CBN has repeatedly advised individuals and businesses seeking foreign exchange to do so through licensed financial institutions, such as their respective banks.
Black Market Dollar to Naira Rate (Aboki Rate)
| Transaction Type | Exchange Rate (NGN) |
|---|---|
| Buying | ₦1570 |
| Selling | ₦1575 |
Official CBN Dollar to Naira Rate Today
According to data from the Central Bank of Nigeria:
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Highest official rate: ₦1531 per US dollar
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Lowest official rate: ₦1521 per US dollar
It's important to note that the official CBN rates are typically lower than those found on the parallel market.
Important Note on Forex Rates
Exchange rates are highly volatile and can vary significantly depending on location, demand, and negotiation with traders. The rates provided here are indicative and may not reflect the exact rate you receive when buying or selling foreign currency. Always confirm the latest rates with authorized dealers before carrying out any forex transaction.
Additional Context (Expansion)
Nigeria’s foreign exchange market has long been characterized by a gap between the official rates set by the Central Bank and the rates available on the black market. This disparity is often driven by limited access to official forex channels, persistent demand for dollars, and speculative trading.
In recent years, the CBN has intensified its efforts to unify exchange rates and curb black market trading, but parallel market activity remains a significant factor in determining real-world exchange rates for many Nigerians.
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