According to local Bureau De Change (BDC) sources in Lagos, the exchange rates at the parallel market today are:
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Buying Rate: ₦1540 per $1
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Selling Rate: ₦1550 per $1
These rates reflect transactions among street traders and informal currency dealers—commonly referred to as the "Aboki" or black market rate.
Important Note: The Central Bank of Nigeria (CBN) does not officially recognize or regulate the black market. The CBN has repeatedly urged individuals and businesses seeking foreign exchange to conduct their transactions through licensed banks and authorized dealers to ensure transparency and stability in the forex market.
Official (CBN) Rates
The CBN’s indicative rates for today are:
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Highest Rate: ₦1532 per $1
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Lowest Rate: ₦1515 per $1
These are the rates at which banks and other licensed forex operators typically trade foreign currency under official guidelines.
Why the Difference in Rates?
The disparity between the black market and official rates is often driven by factors such as demand pressures, limited forex liquidity in the formal banking system, and economic policy. Many traders and businesses turn to the parallel market to meet urgent dollar needs that cannot be easily satisfied through banks.
Please note that exchange rates can change quickly throughout the day depending on market demand and supply. The rates listed here are for informational purposes only and may differ from what you encounter when you actually buy or sell foreign currency. It’s always best to check with multiple sources or authorized dealers for the most up-to-date rates before making any transactions.
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