The Nigerian currency continues to fluctuate at the parallel market as the dollar maintains a strong grip against the naira.
Checks across Bureau De Change (BDC) operators in Lagos on Wednesday, August 20, 2025, show that the U.S. dollar exchanged at ₦1,555 for buying and ₦1,550 for selling at the black market (also known as the Aboki FX rate).
However, the Central Bank of Nigeria (CBN) has again cautioned that it does not recognize the parallel market as an official channel for foreign exchange transactions. The apex bank insists that individuals or businesses seeking forex should approach their respective commercial banks and other authorized dealers.
Black Market Dollar to Naira Exchange Rate Today
-
Buying Rate: ₦1,555
-
Selling Rate: ₦1,550
Official CBN Dollar to Naira Exchange Rate Today
According to figures from the CBN, the official rate for the dollar against the naira on Wednesday stood between:
-
Highest Rate: ₦1,538
-
Lowest Rate: ₦1,534
Market Realities
It is important to note that forex rates often vary depending on the location, volume of transactions, and the dealer involved. Prices quoted in this report reflect the average across Lagos but may differ slightly in other states or trading hubs.
The widening gap between the official CBN rate and the parallel market rate continues to fuel concerns among businesses and individuals, especially importers who rely heavily on the black market due to limited dollar supply from commercial banks.
Analysts warn that unless Nigeria’s forex inflows improve through increased exports, foreign investments, or remittances, pressure on the naira in the open market is likely to persist.
Post a Comment