The Nigerian naira continued to show signs of pressure against the U.S. dollar in the parallel market on Sunday, August 17, 2025, as demand for foreign currency remained strong.
At the Lagos parallel market, popularly called the black market, traders were buying the U.S. dollar at ₦1,558 and selling at ₦1,550, according to information gathered from Bureau De Change (BDC) operators.
Meanwhile, the Central Bank of Nigeria (CBN) maintained its official exchange rate window, where the dollar traded within the range of ₦1,529 to ₦1,535. The apex bank has repeatedly cautioned Nigerians against patronizing the black market, stressing that such transactions are not recognized and advising individuals or businesses needing foreign exchange to do so through their banks or other authorized dealers.
Dollar to Naira Exchange Rates
Black Market (Aboki FX) Rate:
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Buying: ₦1,558 per $1
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Selling: ₦1,550 per $1
CBN Official Window:
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Highest: ₦1,535 per $1
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Lowest: ₦1,529 per $1
Why the Gap Persists
The gap between the official and black market rates highlights the continued scarcity of dollars in Nigeria’s regulated financial system. Market watchers note that increased demand for foreign currency by importers, travelers, and businesses has kept pressure on the naira, despite the CBN’s interventions.
Advisory
It is important to note that exchange rates can vary across different cities and dealers. The rates provided here reflect averages from Lagos traders and may differ depending on location and negotiation.
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