The naira continued to experience fluctuations against the United States dollar in the parallel market (popularly known as the black market) on Wednesday, August 13, 2025.
Checks from currency traders, also known as Bureau De Change (BDC) operators in Lagos, revealed that the greenback was purchased at ₦1,570 and sold at ₦1,560 in the black market.
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market. The apex bank has consistently advised individuals and businesses seeking foreign exchange to use licensed banks or other regulated financial institutions instead of informal street traders.
Black Market (Parallel Market) Rates
Dollar to Naira (USD/NGN) |
Rate (₦) |
|---|---|
| Buying Rate | ₦1,570 |
| Selling Rate | ₦1,560 |
Central Bank of Nigeria (CBN) Official Rates
| Dollar to Naira (USD/NGN) | Rate (₦) |
|---|---|
| Highest Rate | ₦1,543 |
| Lowest Rate | ₦1,535 |
These official rates are used for government transactions, certain imports, and bank-approved forex dealings.
Why the Difference Between Black Market and CBN Rates?
The significant gap between black market and official CBN rates is largely driven by high demand for the dollar in the informal market, limited supply through official channels, and ongoing economic pressures such as inflation and reduced foreign reserves. Many Nigerians turn to the parallel market for quicker access to foreign currency, despite higher prices.
Important Advisory
Exchange rates can change within hours due to market volatility. Therefore, the rates quoted in this report may differ slightly from the prices you encounter when buying or selling forex. For the most reliable and secure transactions, the CBN recommends using authorized dealers.
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