The value of the naira continues to fluctuate against the United States dollar, with traders at the Lagos Parallel Market, commonly referred to as the black market, quoting fresh rates today, Friday, August 15, 2025.
According to information gathered from Bureau De Change (BDC) operators, the dollar is currently being bought at ₦1,560 and sold at ₦1,550 in the black market.
However, it is important to stress that the Central Bank of Nigeria (CBN) does not recognize black market transactions. The apex bank has consistently maintained that Nigerians who need foreign exchange for personal or business purposes should process such requests directly through their banks or other CBN-approved financial institutions.
Black Market (Aboki FX) Exchange Rate
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Buying Price: ₦1,560 per $1
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Selling Price: ₦1,550 per $1
CBN Official Exchange Rate
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Highest Rate: ₦1,535 per $1
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Lowest Rate: ₦1,533 per $1
What This Means for Nigerians
The widening gap between the black market and official exchange rates continues to impact businesses and individuals. Importers, students studying abroad, and travelers often rely on the parallel market because of limited access to forex through commercial banks.
Economic experts have warned that the persistence of this disparity poses risks to inflation, as businesses that import goods at higher black market rates usually pass the additional cost to consumers. This is one of the major reasons behind the surge in the prices of food items, fuel, and household commodities in recent months.
Meanwhile, the CBN has intensified its crackdown on illegal forex operators, urging Nigerians to avoid patronizing unregulated markets to prevent exploitation and financial losses.
Exchange rates may vary depending on your location, the dealer you transact with, and ongoing market demand. Always verify before making transactions.
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